Power Grid FPO next month...

 

Power Grid Corporation of India is preparing for its planned follow-on public offer (FPO), with a hope that the offer could be launched as soon as next month.

The government-run transmission utility giant on Thursday said that all the required procedures for the FPO had already been completed, and that it was just waiting for Cabinet's nod.

R N Nayak, chairman & managing director of Power Grid Corp, said, "We have completed all the necessary procedures from our side and can launch it as soon as possible. But we are awaiting the approval from the Cabinet Committee on Economic Affairs (CCEA)."

The Navratna firm has plans to offload its 17 per cent stake via the FPO route. Of the total 17 per cent stake, the government will sell 4 per cent stake, while the remaining 13 per cent will be in the form of fresh issue of equity shares.

The company will issue 60.18 crore shares, while the government will 18.51 crore shares as part of its massive divestment program that aims to generate Rs 44,000 crore for the government.

The offer is expected to generate around Rs 1,900 crore for the government, while Power Grid expects to garner nearly Rs 6,000 crore by selling fresh equities.

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Public issue of Inox wind ltd...

 

 

Power India found that, INOX Wind Ltd, a subsidiary of Gujarat Fluorochemicals Limited has proposed public issue of equity shares.

 

 

• The company has proposed public issue of its equity shares through 100% book building method in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
• INOX Wind has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 5, 2013. It can be downloaded from here.
• The proposed issue consists of a fresh issue of up to Rs. 7000 Million and an offer for sale up to 20,000,000 equity shares by Gujarat Fluorochemicals Limited.
• Shares of Gujarat Fluorochemicals Ltd was last trading in BSE at Rs.283.40; up by Rs. 3.65 or 1.30%. The stock hit an intraday high of Rs.287.75 and low of Rs.274.50.
• The total traded quantity was 6093 compared to 2 week average of 5239.

Source: Equity Bulls

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Usher Agro commissioned 16 MW Rice Husk Biomass plant and proposed public issue for another 18 MW plant…

Power India found that Usher Agro Limited, has informed the National Stock Exchange that, Usher Eco Power Limited (subsidiary of Usher Agro) has successfully commissioned a 16 MW Rice Husk Biomass based Cogeneration Power Plant.

 

The said plant is developed at Chhata, Mathura, Uttar Pradesh.

 

The company has further informed that it is under the process of setting up another Rice Husk Biomass Co-generation power plant having installed capacity of 18 MW.

 

For that purpose the company is proposing a public issue of equity shares and has filed Draft Red Herring Prospectus (DRHP) with SEBI on February 03, 2012 subject to

• approval of the Securities and Exchange Board of India,("SEBI") and other relevant regulatory and statutory authorities;
• market conditions and other considerations.

 

 

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TD Power IPO over subscribed 2.92 times…

The initial public offer (IPO) of TD Power Systems was over subscribed 2.92 times on the last day of the issue on Friday.
The company's IPO received bids worth 2.2 crore equity shares till 1700 hrs, as against 75.62 lakh shares on offer, as per the data available with the National Stock Exchange.
The company has fixed an IPO price band of Rs 256-Rs 261 per equity share.

Air-conditioner generator manufacturer TD Power Systems aims to raise around Rs 227 crore through IPO for expansion and debt repayment.

The company proposes to utilise the proceeds of the issue mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office in Bangalore.

The net proceeds of the issue will also be utilised for repayment of debt, fund working capital requirements and for other general corporate purposes.

The company's clientele comprises companies operating in cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants and hydro-electric power plants.

Enam Securities is the global coordinator and book running lead manager for the Issue. Antique Capital Markets and Equirus Capital are the book running lead managers for the issue.

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A2Z IPO price band set at 400 - 410 Rs.

Mumbai based Engineering, Procurement and Construction (EPC) firm A2Z Group has filed a DHRP with SEBI on July 29 for Rs. 750 Crs IPO to fund its power foray programs.

Subsequently, A2Z Group has got market regulator's nod to launch the IPO. The IPO is being opened on Dec 8 by the book running managers IDFC Capital, DSP Merrill Lynch, Enam Securities, ICICI Securities and SBI Capital Markets.

A2Z Group was founded in the year 2002 and achieved a turnover of INR 750 Crore during 2008-2009 and INR 1200 Crore for 2009-2010.

The Group covers three business verticals of which the Engineering, Procurement & Construction (EPC) Company is the largest entity. Its business operations encompass Electrical Distribution Systems, EHV Switch yards, Transmission lines, Railways Electrification, Discom IT Applications & BOP for Power Plants.

The company has a biomass power generating assets  capacity of about 60MW.  In Punjab, the company was setting up three co-generation power plants in collaboration with sugar mills on a Build-Own-Operate-Transfer (BOOT) model for a period of 15 years. A2Z will provide steam and power for operating the manufacturing process of the sugar mills during the crushing season. A2Z, which also bagged one of the largest municipal solid-waste management contract from Kanpur municipal corporation, planned to set up 10-15 Mw capacity power plants in various cities, depending on the availability of processed solid waste.

A2Z has has set a price band of 400 rupees to 410 rupees for its initial public offering to raise as much as Rs 8.62 billion ($191.7 million).

The offer comprises a fresh issue of equity shares at the issue price aggregating Rs 6.75 billion and an offer for sale of 4.56 million shares by the selling shareholders.

Click here to read more about A2Z's IPO.

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