पत्रिका जगत Positive Journalism
Jaipur,10 April,2019: 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.
About Bajaj Energy Limited
Bajaj Energy Limited (BEL), along with Lalitpur Power Generation Company Limited (LPGCL), is one of the largest private sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research). BEL have a track record of developing, financing and operating thermal power plants in India. BEL 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 and 1,980 MW from the power plant owned and managed by LPGCL, which they intend to wholly acquire from the proceeds of the Offer.
The aggregate installed capacity of 2,430 MW for the BEL Power Plants and the LPGCL Power Plant is fully contracted for under the long-term power purchase agreements (“PPA“) entered into with certain state government-owned procurers through Uttar Pradesh Power Corporation Limited (UPPCL). As at the financial year ended March 31, 2018, the PPAs of the BEL Power Plants and the LPGCL Power Plant have a remaining average term of 18 years and 231 years, respectively.
BEL and LPGCL has each entered into long-term fuel supply agreements with Central Coal Fields Limited, a subsidiary of Coal India Limited, for the supply of coal to the BEL Power Plants and the LPGCL Power Plant. Additionally, LPGCL has also entered into fuel supply agreements with other subsidiaries of Coal India Limited for the supply of coal.
The BEL Power Plants have been fully operational since 2012 and possess an operational track record of more than six years. For the years ended March 31, 2016, 2017 and 2018, the average plant availability factor percentage of the BEL Power Plants was approximately 85.52%, 85.48% and 87.12%, respectively.
