Abhijeet Power Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of its equity shares of face value of INR 10 each for cash at a price to be decided through the book building process and aggregating to INR 13,750 million.

The promoters of the Company are Mr Manoj Jayaswal, Abhijeet Mining Limited and Corporate Ispat Alloys Limited.

The Issue comprises a reservation of Equity Shares aggregating up to INR 100 million for eligible employees. The Issue less the Employee Reservation Portion constitutes the net issue to the public.

The Company is considering a pre IPO placement of up to 333,333,333 Equity Shares with various investors for an amount not exceeding Rs5,000 million. The Pre IPO Placement will be at the discretion of the Company and at a price to be decided by the Company. The Company will complete the issuance and allotment of Equity Shares pursuant to the Pre IPO Placement prior to filing of the Red Herring Prospectus with the RoC. If the Pre IPO Placement is completed, the Issue size offered to the public would be reduced to the extent of such Pre IPO Placement, subject to a minimum Issue size of 10% of the post-Issue paid up equity share capital being offered to the public.

A discount of up to 10% to the Issue Price may be offered to Eligible Employees. The price band, the Eligible Employee Discount and the minimum bid lot size in relation to the Issue will be decided by the Company, in consultation with the Global Coordinators and Book Running Lead Managers and the Book Running Lead Managers and advertised at least two working days prior to the Issue opening date.

(Sourced from ConstructionWeekOnline)