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Paul Noronha

Mr S. Kishore (left), Whole-time Director & Promoter, KSK Energy Ventures Ltd, with Mr S. Durgashankar, CFO, at a press conference to announce the company’s IPO in Mumbai on Wednesday. —

Our Bureau

Mumbai, June 18 KSK Energy Ventures Ltd, a company involved in developing and operating power plants, announced on Wednesday that it proposes to enter the capital market with an IPO of 3.46 crore equity shares of Rs 10 each. The price band has been fixed between Rs 240 and Rs 255 a share. The company plans to raise between Rs 830 crore and Rs 882 crore.

The issue will open on June 23, and will close on June 25, 2008. The equity shares will be listed on both the BSE and NSE. The shares will be listed on or around July 17.

The issue will constitute ten per cent of the post issue equity capital of the company.

The proceeds from the issue will be used to part-fund its investment in Wardha Power Co Pvt Ltd, either directly, or through KSK Electricity Financing India Pvt Ltd and also to finance the equity component of the 1800 MW coal-based thermal power plant at Chhattisgarh.

The KSK Energy Ventures Ltd has received an aggregate of Rs 415.34 crore pursuant to subscription in the pre-IPO placing of the shares at Rs 240 per share.

The equity shares in the pre-IPO placing have been subscribed by Macquarie Bank, Tree Line Asia Master Fund (Singapore) Pte Ltd, GE Capital International (Mauritius) Axis Bank, IDFC and Universities Superannuation Scheme Ltd.

The qualified institutional buyers will be allotted 60 per cent of the issue, 10 per cent to non-institutional investors and 30 per cent to the retail investors.

The book running lead managers to the issue are Kotak Mahindra Capital, IDFC-SSKI Pvt Ltd, Morgan Stanley India Company Pvt Ltd, Lehman Brothers Securities and Edelweiss Capital.

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