Bajaj Energy Limited files DRHP with SEBI


Bajaj Energy Limited (BEL) along with Lalitpur Power Generation Company Limited (LPGCL), one of the largest private sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research), filed its DRHP with SEBI.

BEL have a track record of developing, financing and operating thermal power plants in India. They have a total gross installed capacity of 2,430 MW, comprising 450 MW from five operational plants of 90 MW each, owned and managed by BEL (the "BEL Power Plants") and 1,980 MW from the power plant owned and managed by LPGCL (the "LPGCL Power Plant"), which BEL intend to wholly acquire from the proceeds of the Offer (the "LPGCL Acquisition").

The IPO Initial Public Offering (IPO) comprises equity shares of face value of Rs. 10 each (the “Equity Shares”) of Bajaj Energy Limited (the “Company”) aggregating up to Rs. 54,500 million (the “Offer”) comprising a fresh issue of up to Rs. 51,500 million by the Company (the “Fresh Issue”) and an offer for sale of equity shares by Bajaj Power Ventures Private Limited aggregating up to Rs. 3,000 million (the “Promoter Selling Shareholder” and such offer, the “Offer For Sale”).

The Net Proceeds from the Fresh Issue are proposed to be utilised towards: (i) Purchase of 69,936,900 equity shares of face value of  10 each of LPGCL (“LPGCL Shares”) from BPVPL and BHSL (Rs. 49,720 million); and (ii) for general corporate purposes.

Edelweiss Financial Services Limited, IIFL Holdings Limited and SBI Capital Markets Limited are the Book Running Lead Managers (BRLMs) to the issue. IDBI Capital Markets & Securities Limited is the Co-Book Running Lead Managers to the issue.

The equity shares will be listed on BSE and NSE.

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