In an interview with CNBC-TV18, Suresh Jain, MD of Jaiprakash Power said they don't have plans to defer fund raising programme from its IPO and going to raise around USD 800 million to USD 1 billion from IPO.
SEBI allows three months period from date of final comments to raise funds, he said. The company is not in talks for any pre-IPO placement.
Excerpts from CNBC-TV18's exclusive interview with Suresh Jain:
Q: Could you clarify for us whether there has indeed been some amount of deferment to your capital raising plans?
A: I would like to comment on market rumours because it is figment of someone’s imagination, which is definitely not known to us.
Q: Are you on track to do your IPO over the next few months?
A: We have just received the Sebi comments early this month and we are currently in the process of finalizing our annual results. As you know Jaiprakash Power Venture Ltd is a company, which has operating assets. It owns and operates the 400 MW Vishnuprayag, which is India’s largest private sector operating plant. So we are currently in the process of finalizing our results and definitely Sebi allows you three months to do the fund raising post their final comments. So for us both growth and shareholder’s interests are important and definitely for growth we need to do the IPO and for shareholders’ interest it has to be done at the right time. Yes we are not closed to raising the money from the markets.
Q: How soon do you think you will be approaching the market and will you be making a pre-IPO placement and is it still USD 1 billion that you hope to raise in total?
A: We have filed the document for issuing about 104 million new shares and we are waiting for the finalization of the results and we have three months time from Sebi to take a call on that. As of now, there are no plans to defer the overall fund raising programme.
Q: How much money are you looking to raise and are you currently in talks for that pre-IPO placement as well that you had planned earlier?
A: No, while we have made a provision in the DRHP (Draft Red Herring Prospectus) for making a pre-IPO placement, currently we have not really begun discussions on the pre-IPO placement and the size of the issue will be about USD 8 million to USD 1 billion.
Link to the article: http://www.moneycontrol.com/india/news/ipo-upcoming-issues/no-plans-to-defer-fund-raising-programme:-jp-power/334448
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