Indowind Energy IPO On Aug 21

Mumbai: Indowind Energy Ltd mulls to foray the capital market with IPO of Rs 81. 25 crore. The issue opens on August 21 and closes on August 24. The 100-per cent book-building process IPO will offer 1.25 crore equity shares of Rs 10 in the price band of Rs 55-65. About 2.60 lakh has been reserved for the employees. The company proposes using the proceeds for adding 9 MW capacity in Chitradurga, Karnataka, to buy hydraulic cranes, and buy second-hand windmills. The power generated at Chitradurga will be sold to Karnataka Power Transmission Company. The company foresaw huge potential as the installed wind power capacity in the country was only 7,800 MW and there was over 45,000 MW untapped capacity. UTI Securities is the book-running lead manager for the issue, Canara Bank as the co-book running lead manager, while Keynote Corporate Services is an adviser to the issue.