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Friday, May 11, 2007

Suryachakra Power gets SEBI nod for IPO

Suryachakra Power Corporation has got the nod 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 raise funds for investment in one of its subsidiary MSM Energy and augment the working capital needs, power trading and general corporate purpose.

Suryachakra is running an independent power plant in Andaman & Nicobar Islands and is implementing two renewable energy projects in Chhattisgarh as 100% subsidiaries, according to a press release, reports The Hindu Business Line.

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