Indowind plans for follow-on issueIndowind Energy Ltd (IEL) is planning to for a follow-on issue having used up the Rs 81 crore it raised from an IPO last September and with more capital projects on hand.
18 Sep 2008
Indowind Energy Ltd (IEL) is planning to for a follow-on issue of an Initial Public Offering (IPO) launched in September 2007, having used up the Rs 81 crore it raised previously. .
This Chennai-based company is an independent power producer in renewable energy and is looking at adding windmills with a cumulative capacity of up to 100 MW in two years.
The company has expansion plans outside Tamil Nadu as it considers wind power business not a feasible in the State. The State electricity board has a tariff of Rs 2.95 per unit.
The company is also exploring other Indian states such as counties such as Karnataka, Gujarat and Rajasthan; the European Union territory and the neighbouring countries to use up the potential in wind energy.
IEL is also raising debt funds from the global market as the proposed expansion calls for an investment of about Rs 650 crore.
In 2007-2008, IEL reported Rs 32 crore as turnover with Rs 8.2 crore as net profit against Rs 27 crore as turnover with Rs 6.3 crore as net profit reported a year ago.
Indowind closed at Rs 56.40 a share on the BSE, 2.59 percent lower than the previous close of Rs 57.90.