Jaiprakash Hydro plans Rs 3.8-billion IPO

By siliconindia staff writer   |   Tuesday, 17 August 2004, 07:00 Hrs
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MUMBAI: An initial public offering (IPO) of shares in India's Jaiprakash Hydro-power Ltd is expected to raise up to Rs 3.8 billion ($82 million), a banker working on the deal said on Tuesday.
"The filing is expected by next month," said the banker, adding that the issue was likely to be priced in the range of Rs 15 to 20 per share.

He said some 34 per cent of its equity capital, or 191 million shares, would be floated, valuing the company at as much as Rs 11 billion. ICICI Bank, the lead lender to the hydropower project, and founders Jaiprakash Associates Ltd are together set to sell the shares, he added.

Jaiprakash Hydro-power owns and operates a 300 megawatt hydroelectric project in the northern state of Himachal Pradesh.

ICICI Securities, UTI Bank and JM Morgan Stanley will be lead managers for the issue.

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