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GIPCL to tap market with equity issue

Our Bureau

Mumbai , Oct. 8

GUJARAT Industries Power Corporation Ltd (GIPCL) is entering the capital market on October 13 to raise funds to finance its Rs 1,448-crore expansion programme.

The company is planning to raise part of the equity amounting to Rs 275 crore through an equity issue through 100 per cent book building route. The issue will close on October 19.

Of the total issue size, Rs 75 crore will be reserved for promoters while Rs 200 crore will be offered to the public.

The promoters of GIPCL — Gujarat Urja Vikas Nigam Ltd (formerly, Gujarat Electricity Board), Gujarat State Fertilizers and Chemicals Ltd, Gujarat Alkalies and Chemicals Ltd, and Petrofils Cooperative Ltd — together hold 68.18 per cent while equity holding by the public is 13.28 per cent. Financial institutions, mutual funds, NRIs, overseas corporate bodies and others together account for the remaining 18.54 per cent in GIPCL.

As per the expansion project, GIPCL will set up a 250-MW capacity (scalable up by 20 per cent) lignite-based power plant near Surat, including a project for development of captive lignite mine at an estimated cost of Rs 1,448 crore.

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