BS reported that JSW Energy will borrow around INR 5,000 crore in the coming year and a half in addition to around INR 4,000 crore to be raised from the market and through internal generation, for building 3,000 MW of generation capacity transmission infrastructure and mining projects.
A top company official said that JSW Energy aims to generate 11,390 MW in the country by 2015. The company has tied up with two consortiums of lenders led by IDBI Bank and State Bank of India respectively for the loans. It had recently filed a draft red herring prospectus for INR 3,000 crore public offering with market regulator Securities and Exchange Board of India. The company plans to dilute 10% of its equity through fresh issue to the public.
Mr SS Rao said that “Of the INR 14,048 crore requirements for the projects under implementation, the company has tied up for INR 9,900 crore debt so far. Two lenders’ consortiums have already disbursed INR 4,038 crore till June this year. About INR 5,000 crore will be disbursed within the next 15 to 18 months, as the projects progress.”
He added that the remaining INR 4,148 crore will be generated internally as contribution towards equity, consisting of roughly equal contributions from the equity raising issue and internal accruals.
It is also looking to offer about one per cent stake to its group employees’ trust in a pre IPO placement. At present, the promoters and promoter group companies, including listed companies JSW Steel and JSW Holding, are jointly holding 92% stake in the company. The remaining eight per cent is with Mauritius-based companies Steel Traders Ltd and Indus Capital Group Ltd.
(Sourced from Business Standards)
Thursday, August 27, 2009
JSW Energy to raise INR 9,000 crore in next 18 months
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