Indiabulls fixes Rs 40-45 band for IPO

Indiabulls Power Ltd has fixed a price band of Rs 40-45 a share for its proposed initial public offering (IPO). The company aims to raise Rs 1,700 crore. The IPO would open for subscription on October 12 and close on October 15.

At the upper end on the price band, the company would mop over Rs 1,700 crore and on the lower end, would raise more than Rs 1,500 crore through this IPO.

The total IPO size, with the over-allotment option for underwriters, stands at 390.7 million shares. Of this, the IPO would be of 339.8 million shares of Rs 10 each; the green shoe (over-allotment) option would be up to 50.9 million shares.

Morgan Stanley India is the sole Book Running Lead Manager to the issue. The proceeds will part-finance construction and development of the 1,320 Mw Amravati Power Project Phase-I, as also the 1,335 Mw Nashik Power Project, apart from general corporate purposes, the company said.