ACB (India) eyes Rs 1,100 cr via IPO & OFS in third week of this month
4 March 2013 6:04 AM IST
Coal washeries operator ACB (India) is planning to raise up to Rs 1,100 crore through initial public offerings (IPO) and offer for sale (OFS) routes in the third week of March this year.
'The company has received all the necessary permissions and is set to hit the capital market in the third week of March with IPO aggregating Rs 575 crore and remaining offer for sale,' ACBIL Chairman and Managing Director Rudra Sen Sindhu said.
Global private equity major Warburg Pincus is expected to sell 8.8 per cent stake in ACB India through an offer for sale out of its total 22 per cent stake.
The company proposes to use IPO proceeds of around Rs 1,100 crore from the offering to develop pit-head power plants close to its beneficiation facilities. ACB India plans to commission two power projects of total 900 MW power generation capacity in Chhattisgarh by 2014, entailing total investment of about Rs 4,000 crore, Sindhu said.
The company, with an installed capacity of 500 MW, has another 3,000 MW of power projects in various stages of construction, implementation and development. The company also plans to bid for coal blocks as and when the government decides to auction them.
'The company has received all the necessary permissions and is set to hit the capital market in the third week of March with IPO aggregating Rs 575 crore and remaining offer for sale,' ACBIL Chairman and Managing Director Rudra Sen Sindhu said.
Global private equity major Warburg Pincus is expected to sell 8.8 per cent stake in ACB India through an offer for sale out of its total 22 per cent stake.
The company proposes to use IPO proceeds of around Rs 1,100 crore from the offering to develop pit-head power plants close to its beneficiation facilities. ACB India plans to commission two power projects of total 900 MW power generation capacity in Chhattisgarh by 2014, entailing total investment of about Rs 4,000 crore, Sindhu said.
The company, with an installed capacity of 500 MW, has another 3,000 MW of power projects in various stages of construction, implementation and development. The company also plans to bid for coal blocks as and when the government decides to auction them.
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