Indian Orient Green Power to sell IPO shares for INR 47-55 p/s

(ADPnews) - Sep 17, 2010 - Indian renewable energy company Orient Green Power Co has set a price of INR 47 (USD 1/EUR 0.78) to INR 55 for its initial public offering (IPO), which targets proceeds of INR 9 billion to fund a number of green energy projects.

The company is seeking financing for four biomass projects with 37.5 MW capacity, an 8-MW biomass power development in Kishanganj, Rajasthan, and a wind power project with a capacity of 300 MW in the state of Tamil Nadu, southern India. It also plans to repay certain debt of three of its subsidiaries, BWFPL, PSR Green Power Co and Shriram Non-Conventional Energy.

The offering starts on September 21 and is to close on September 24.

JM Financial (BOM:523405), Goldman Sachs (NYSE:GS), UBS (NYSE:UBS) and Axis Bank (BOM:532215) have been appointed bookrunners of the issue.

At the end of March, Orient Green had installed capacity of 193.1 MW, 152.6 MW coming from wind power and the rest being generated from biomass projects. Indian engineering company Shriram EPC Ltd (BOM:532945) holds a 35.8% stake in the firm, while the rest is in the hands of private equity firms Olympus Capital and Bessemer Venture Partners.

(INR 10 = USD 0.218/EUR 0.166)

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