IEX raises Rs 300-crore from Anchor Investors

In Clean News, News, Renewable Energy

Indian Energy Exchange Ltd (IEX) was incorporated in 2007 as a power exchange offering, trading in a range of electricity products in India. It is an online trading platform which is accessible to registered participants.

IEX brings together sellers of power such as independent power producers, captive power plants, distribution companies and government owned power generation companies and buyers such as discoms, industrial, commercial and institutional power consumers and provides them with a transparent automated platform for trading of electricity. In addition to trade execution, IEX also offers settlement services, including electronic trade confirmation, access to clearing services and risk management functionality.

It has over 5,900 registered participants, of which more than 3,200 were active as of August 2017.

IEX plans to raise Rs 1,001 crore through an initial share-sale offering. It has fixed a price band of Rs 1,645- 1,650 per share for its public issue.
On Saturday it has garnered a little over Rs 300 crore from anchor investors, ahead of its initial public offering next week. The company would allot 18,19,501 equity shares to 23 anchor investors at a price of Rs 1,650 per share, Indian Energy Exchange (IEX) informed the stock exchanges. At this price, the total amount works out to be Rs 300.22 crore. SBI Mutal Fund (MF), Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.

The IPO will see sale of equity shares by existing shareholders including Tata Power Company, private equity arm of Aditya Birla Group, Madison India Capital and Renuka Ramnath-led Multiples Alternate Asset Management.

Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings will manage the company’s public issue.

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