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Wednesday, November 25, 2009

JSW Energy's Rs 2700 Crore IPO to open on Dec 7, 2009

One more power IPO ready to hit Dalal Street. JSW Energy, a part of JSW group, is coming out with an initial public offering (IPO) of Rs 2700 crore. The issue will open for subscription during December 7-9, 2009.

In a press conference, Managing Director Sajjan Jindal said, "We have operational capacity of 995 MW. We have not finalised anchor investors yet."

It intends to utilise the issue proceeds to partially finance construction and development of the identified projects aggregating to 2790 MW in capacity; 400 KV transmission project and mining venture, and for repayment of corporate debt.

For the year ended March 31, 2009, the company reported profit after tax of Rs 276.69 crore on total income of Rs 1,852.16 crore. It has debt of Rs 5,927.16 crore.

JSW Energy is an established energy company with 860 megawatts of operational generating capacity and 2,790 MW of generating capacity in the construction or implementation phase, 135 MW of which has been commissioned. In addition, it has power generation projects at an early stage under development with a proposed combined installed capacity of 7,740 MW. It is one of the early entrants in the power trading business. Its goal and strategy is to become a leading full-service integrated power company in the Indian power sector with presence across the value chain.

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