(LiveMint)
Bajaj Group plans to raise about ₹ 3,000 crore through an initial public offering (IPO) of its power generation business, said two people aware of the plans. The company is expected to soon file a draft prospectus with capital markets regulator Securities and Exchange Board of India (Sebi) for a share sale, the people said. “They have been working on the IPO of the power business over the past few months,” said one of the two people, requesting anonymity as he is not authorized to speak to reporters.
Bajaj has hired investment banks UBS, Edelweiss Financial Advisors Ltd and IIFL Holdings Ltd as advisers for the proposed IPO, the person added. The power business has stable operating assets, with more than ₹ 2,000 crore of earnings, before interest, taxes, depreciation and amortization, the person said. Bajaj Group, led by Kushagra Bajaj, comprises flagship company Bajaj Hindusthan Sugar Ltd, one of the largest sugar producers in the country and Bajaj Corp. Ltd, an FMCG (fast-moving consumer goods) company with focus on haircare and skincare products. The group also has presence in infrastructure, real estate and coal mining. Emails sent on Friday to Bajaj Group, Edelweiss and IIFL did not elicit a response.
