Avantha Power Files DRHP To Raise Rs 1250 Cr
Avantha Power & Infrastructure Ltd (APIL) has filed the DRHP to raise Rs.1250 Cr via public issue.
Enam Securities, Kotak Mahindra, Citigroup and Axis Bank are the lead managers to the issue.
The company is also considering a pre-IPO placement of upto 65 mn shares aggregating to Rs.300Cr
Transaction Reference: DRHP
APIL is a part of Gautam Thapar led Avantha Group, Group Companies Crompton Greaves Ltd, Ballarpur Industries Ltd (BILT), BILT Paper Holdings Ltd (BPHL), Solaris Industrial Chemicals Ltd (SICL), Salient Financial Solutions Ltd (SFSL), and Avantha Holdings Ltd (AHL) are the promoters of the company.
APIL was formerly known as BILT Power Ltd. It acquired 4 captive thermal power plants of BILT through demerger with an aggregate capacity to generate 165 MW.
Two independent power producers plants (IPP) of capacity 600MW are being set up with an agreement to double its capacities and one thermal power project under planning.
The company will utilize the proceeds to finance the construction and development of two IPP’S in Madya Pradesh and Chhattisgarh and to fund expenditure for general corporate purposes.
The company has secured debt of Rs.3289.93mn and unsecured debt of Rs.50mn as of 31st March,09 and Net profit after tax of Rs.99.32mn as on that date.
Several power IPOs have tapped the market in the last few months including Adani Power, Indiabulls Power, NHPC, JSW Energy, while some others are in the pipeline.
Comparison With The Peers:
| PARTICULARS | SALES | PAT | EPS | PE |
| Avantha Power | 3266.81 | 99.32 | ||
| Reliance power | 2489 | 1.04 | 143.75 | |
| NTPC | 441260.8 | 82013 | 9.95 | 20.8 |
Power Sector In India
According to a report on IBEF(Here), the power requirement is expected to increase from 151,073 MW in July 2009 to 957,222 MW by 2012. A capacity addition of 100,000 MW units by 2012 is required to bridge the supply deficit and keep up with the increasing demand. The total investment required for capacity creation, along with necessary investments in transmission and distribution segments is estimated at $200 Bn.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/06/11 | Avantha Power - KKR (Additional Stake) | Private Equity | Kohlberg Kravis Roberts | 75.00 |
| 06/10/10 | Avantha Power - KKR | Private Equity | KKR Asian Fund | 48.58 |
| 31/03/10 | Avantha Power & Infrastructure Ltd- IPO | IPO / Offerings | 276.92 | |
| 24/03/09 | Avantha Power - Crompton Greaves | M&A | Crompton Greaves Limited | 45.12 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/05/12 | Private Equity | Looking For | Husk Power Systems Private Limited | - | Announced |
| 28/03/12 | M&A | STEAG GmBH | Hinduja National Power Corp. Limited | - | Announced |
| 22/03/12 | M&A | Korea Electric PowerCorp | Pioneer Gas Power Limited | 98.37 | Announced |
| 24/02/12 | M&A | Tecpro Systems Limited | Eversun Energy Private Limited | - | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Avantha Power and Infrastructure Limited | Gautam Thapar Crompton Greaves Limited Ballarpur Industries Limited BILT Paper Holdings Limited Solaris Industrial Chemicals Limited Salient Financial Solutions Limited Avantha Holdings Limited |
Thapar House,124, Janpath, | www.avanthagroup.com | |
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