Jindal Power IPO not now
Jindal Power said its initial offer is unlikely to hit the market in the next four-five months. The company was planning to raise up to Rs 7,200 crore through the offer.
According to Jindal Steel & Power Limited (JSPL) Deputy Managing Director Sushil Maroo, ‘We are yet to file the Draft Red Herring Prospects (DRHP). The IPO is not going to be launched in at least next four-five months from now.’
Initially, the company had planned to launch the issue by March this year. It was, however, postponed to end of April. After that there was no communication from JSPL on the probable date for the issue.
The Naveen Jindal-led company plans to use the proceeds from the IPO to part fund its Rs 24,290 crore ongoing expansion projects. It operates a 1,000 MW thermal power project at Raigarh in Chhattisgarh. In 2010-11, it had clocked Rs 3,338 crore net sales
