New Delhi, Jun 19 (UNI) KSK Energy Ventures, a subsidiary of Mauritius-based KSK Power Venture Plc, will enter the capital market with a public issue of 3,46,11,000 equity shares of Rs 10 each through 100 per cent book building process.
The issue opens on June 23, in the price band of Rs 240-255 per share and will close on June 25.
The offer constitutes 10 per cent of the post-issue share capital.
The company will get listed both on the Bombay Stock Exchange and the National Stock Exchange on June 26.
The company is engaged in developing, operating and maintaining power plants. It has operational power plants with capacity of generating 144 MW of power and power projects under construction that are capable of generating an aggregate of 675 MW.
KSK Energy has entered into multiple power purchase agreements with captive consumers. The company has three power projects under development and five planned projects for an aggregate capacity of 8,318 MW.
The company did not disclose the amount it expects to raise through the IPO but said it will utilise part of the net proceeds for investment in Wardha Power Company (P) Ltd, a KSK subsidiary, to finance the equity component of the 1,800 MW coal-based thermal power plant at Wardha, Chhattisgarh.
Besides, it will also invest in KSK Dibbin Hydro Power Pvt Ltd, another subsidiary of KSK, to finance the equity component of the 130 MW ''run-of-the-river'' hydro power plant at Dibbin in Arunachal Pradesh.
The total cost of the Wardha Chhattisgarh project is estimated at Rs 6,874 crore and that of the Dibbin project at Rs 692 crore.
KSK Energy has received Rs 415.34 crore in the pre-IPO placing of equity shares at Rs 240 per share, of which the company intends to use Rs 215.34 crore for funding the Wardha project.
Kotak Mahindra Capital, IDFC-SSKI, Morgan Stanley India, Lehman Brothers Securities and Edelweiss Capital are the book runners to the issue and Axis Bank is the Co-BRLM.
UNI AK SR ND1459