Suryachakra Power Receives Approval For IPO

Hyderabad: Suryachakra Power Corporation Ltd has received the approval from the Securities & Exchange Board of India (SEBI) for its issue of 3.4 crore equity shares of Rs 10 each through the book building route. The Hyderabad-based company is slated to hit the capital market in June 2007. The purpose of the issue is to mop up funds for investment in one of its subsidiary MSM Energy Ltd and augment the working capital needs, power trading and general corporate purpose.