Jaiprakash, ICICI to float hydro-power plant IPO
Facebook Twitter google+ RSS Feed

Jaiprakash, ICICI to float hydro-power plant IPO

By siliconindia staff writer   |   Monday, 23 August 2004, 07:00 Hrs
Printer Print Email Email
MUMBAI: Jaiprakash Associates and ICICI, the country’s second-largest bank, will together sell a portion of their stake in Jaiprakash Hydropower through an initial public offering that is expected to raise about Rs 350-380 crore, industry sources said.


The company, which runs a 300 MW hydroelectric power plant in Himachal Pradesh, is expected to file a prospectus sometime next month. ICICI Securities, UTI Bank and JM Morgan Stanley will be the lead managers for the issue.

Sources said the exact quantum of the stake to be sold by Jaiprakash Associates and ICICI Bank has not been finalised. It is expected to be about 30-40% of the company’s equity, constituting around 190m shares.

The issue is expected to be priced close to Rs 20 per share. ICICI Bank holds just over 20% in Jaiprakash Hydropower and the rest is held by the promoters, the Jaiprakash group. ICICI invested in the project in the early developmental phase and is now seeking a partial or complete exit.

¬ďThere is a very high probability of ICICI selling. The only question is whether they will get out fully or partially,¬Ē sources said.

The issue is likely to hit the market sometime in early November after a planned $1bn float by National Thermal Power Corporation, the country’s largest power company.




Write your comment now
Submit Reset
SPOTLIGHT