Indiabulls Power IPO will open for subscription from 12-Oct-09 to 15-Oct-09, Price band Rs. 50-60

Indiabulls Power IPO will open for subscription from 12-Oct-09 and will be closed on 15-Oct-09. As per the reports on TV18, the initial public offering (IPO) of Indiabulls Power, a subsidiary of Indiabulls Realty will open for subscription on October 12, 2009 and will close on October 15, 2009.


The company is expected to raise around Rs 2,000 crore.

The proceeds of the issue will be used to part finance the construction and development of the 1,320 MW Amravati Power Project Phase – I (Rs 775 crore from the issue) and for funding equity contribution in the company’s wholly owned subsidiary, IRL, to part finance the construction and development of the 1,335 MW Nashik Power Project (Rs 660 crore from the issue).

Morgan Stanley India Company Pvt Ltd is the book running lead manager and Karvy Computershare Pvt Ltd is the registrar to the issue. The IPO’s price band is seen at Rs 50-60 per share, sources added.