Bajaj Energy Files For IPO, Strategies To Raise Rs 5,450 Crores

Bajaj Energy has announced that along with Lalitpur Power Generation Company, it has filed for an initial public offering with the market regulator SEBI with a strategy to raise Rs 5,450 crore through offer.

The offer contains fresh issue of share up to Rs 5,150 crore by the company and an offer-for-sale of equity shares by Bajaj Power Ventures amassing up to Rs 300 crore.

The company plans to employ the earnings from the IPO to purchase 6.99 million equity shares of Lalitpur Power from Bajaj Power Ventures and Bajaj Hindustan Sugar for Rs 4,972 crore, the companies said in a declaration, adding the residual amount will be consumed for general expenses.

Bajaj Power owns 100 percent in Bajaj Energy, which is into developing, financing and operating thermal power plants with a gross installed capacity of 2,430 mw.

This 2,430-mw capacity encompasses 450 mw from five operational plants of 90 mw each, owned and managed by Bajaj Energy and 1,980 mw from the power plant owned and managed by a special purpose vehicle of Lalitpur Power.

Bajaj Energy proposes to procure Lalitpur Power's 1,980 mw from the earnings of the offer, it believed.

Edelweiss Financial Services, IIFL Holdings and SBI Caps are the lead managers to the issue, while IDBI Capital Markets is the co-book running lead managers to the issue, which will be listed on both the BSE and NSE.