Nagpur-based
infrastructure firm Abhijeet Group plans to raise
about Rs 1,500 crore fresh equity through an initial public offering to
part finance its expansion plans including those in power sector.
It would file the draft papers in this
regard with Securities and Exchange Board of India
(SEBI) this month.
"We are planning
to hit the market in April, next year...file the papers with
SEBI by the end of this month and expecting to raise about Rs
1500 crore," Abhishek Jayaswal, MD, Abhijeet Group said in a telephonic
interview.
The company which funds its projects at a debt equity ratio of 80:20 has tied up loans from Axis Bank , SBI , Punjab National Bank , Rural Electrification Corp and Power Finance Corp.
The company recently signed a $2.5 billion deal with the
Chinese power equipment maker DongFang for sourcing equipment for its
power projects.
"We have signed a
BTG (boiler, turbine, generator) and EPC (engineering, procurement,
construction) contract for our thermal power projects in Bihar,
Jharkhand and Madhya Pradesh with DongFang," Jayaswal said.
The proceeds from the IPO would also be used to finance this deal with the Chinese firm.
At present the company has a power generation capacity of the
company of 100 MW with its projects in West Bengal and Maharashtra.
It plans to increased this capacity to 300 MW by the end of the current financial year.
"We would have a capacity of 300 MW by March, 2011," Jayaswal said.
The Nagar based Group has interest in core sectors such as power, mining, roads, steel etc.
Dongfang Electric Corporation Limited is a Chinese
Government holding company specialising in power equipment
manufacturing.
It also focuses on
worldwide power projects, contracting for thermal, hydro, nuclear, wind,
solar, gas turbine, and combined cycle power plants.
src:ET