The Hindu Business Line : Indiabulls Power price band likely to be Rs 42-45

NEW DELHI: Indiabulls Power is likely to fix a price band of Rs 42-45 per share for its proposed initial public offering, which is expected to start on October 12.

The price band of the Indiabulls Power IPO is likely to be Rs 42-45, investment banking sources said. Calculated on the upper end on the price band, the company, a unit of Indiabulls Real Estate, would mop-up around Rs 1,700 crore through this IPO.

The IPO is expected to open on October 12 and would close on October 15.

Indiabulls Power had filed the draft prospectus with market regulator SEBI in July this year and on October 1, it filed the red herring prospectus with the Registrar of Companies in this regard.

The company is planning to tap the capital markets to raise funds to part finance the construction and development works at its power projects and other corporate purposes.

The total IPO size of the company along with the green shoe option stands at 39.07 crore shares. Of this the IPO would be of 33.98 crore equity shares of Rs 10 each and a green shoe option of up to 5.09 crore equity shares. - PTI

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