Thermal power generation firm Bajaj Energy files for IPO

Bajaj Energy Limited (BEL) has filed the draft red herring prospectus for an IPO with SEBI to raise Rs 54.5 billion. BEL plans to use the IPO proceeds to acquire Lalitpur Power Generation Company Limited’s (LPGCL) 1,980 MW thermal power plant. The offer comprises a fresh issue of shares up to Rs 51.5 billion by BEL and an offer for sale of equity shares by Bajaj Power Ventures, the promoter entity, aggregating up to Rs 3 billion. The company plans to utilise the proceeds from the IPO to purchase 6.99 million equity shares of LPGCL from Bajaj Power Ventures and Bajaj Hindustan Sugar for Rs 49.72 billion. Edelweiss Financial Services, IIFL Holdings, SBI Capital Markets and IDBI Capital are the merchant bankers arranging and managing the share sale.

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