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CESC to raise $150 million via QIP for expansion
Updated : Mar 19, 2018, 05:22 AM IST
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Power producer and retail player CESC Ltd has decided to raise about $150 million on a private placement basis to fund its ongoing and future projects and expansions.
The RP-Sanjiv Goenka group would be issuing equity shares or convertible debentures to Qualified Institutional Buyers, the board of the Kolkata-based company decided on Monday.
"It has been decided to hold a general meeting of the members of the company for the above purpose on October 18," CESC said in a filing with the stock exchanges.
The board has also inducted former State Bank of India chairman Pratip Chowdhury as an independent director.
"The fund from the equity placement could be used to acquire some power projects," said company officials. CESC's decision comes at a time when the power producer has just completed two of its projects and readies itself for the next phase of growth.
Its first power project outside West Bengal has been completed with the commissioning of its 600 mega watt plant at Chandrapur, in Maharashtra in August while another 600 mw power plant at Haldia is likely to get commissioned in October.
Before the commissioning of the Chandrapur project, CESC had four power stations, all in West Bengal, cumulatively producing 1225mw.
Apart from Haldia and Chandrapur, CESC has plans to set up projects of 1,320 mw at Denkanal in Odisha, 2,000 mw in Bhagalpur in Bihar, both of which are currently stuck due to absence of government clearances.
Beyond thermal, CESC has 24 mw of wind power in Rajasthan while another 26 mw is being set up in Gujarat.
In the hydro space, it has acquired 135 mw capacities in Arunachal Pradesh while another 90 mw capacity is being built. It also has solar projects in Gujarat and Rajasthan.
These apart, CESC sometime back got the distribution licence for Ranchi, which, however, is yet to take off due to a reported rethink by the Jharkhand government on awarding the licence.
Besides this, the company's subsidiary Spencer's Retail has plans to add 3 lakh sqft of trading area during 2014-15 to 10.5 lakh sq ft even as the company aims to cut down its non-operating losses.
