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Paul Noronha

Mr K.V. Bala (left), Chairman, Indowind Energy Ltd, and Mr Niranjan Jagtap, Director, at a press conference to announce the company’s IPO in Mumbai on Monday.—

Our Bureau

Mumbai, Aug 13

Indowind Energy Ltd plans to enter the capital market with IPO of Rs 81. 25 crore. The issue opens on August 21 and closes on August 24.

The 100-per cent book-building process IPO would offer 1.25 crore equity shares of Rs 10 in the price band of Rs 55-65. The net issue would constitute 25 per cent of the fully diluted post issue paid-up capital of the company.

Of the total shares, about 1.22 crore will be offered to the public. About 2.60 lakh has been reserved for the employees.

The company intends using the proceeds for adding 9 MW capacity in Chitradurga, Karnataka, to purchase hydraulic cranes, and buy second-hand windmills. The power generated at Chitradurga will be sold to Karnataka Power Transmission Company.

Mr K.V. Bala, Chairman of Indowind Energy, said that the company foresaw huge potential as the installed wind power capacity in the country was only 7,800 MW and there was over 45,000 MW untapped capacity.

“With rapidly changing climate, green energy generation could soon become mandatory forcing companies to opt for environmentally-friendly power generation. Plus some large companies have already decided to draw electricity from renewable energy sources in these areas, Indowind Energy has good potential,” Mr Bala said.

UTI Securities is the book-running lead manager for the issue, Canara Bank as the co-book running lead manager, while Keynote Corporate Services is an adviser to the issue.

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