Indiabulls Power files for IPO with Sebi

Indiabulls Real Estate today said its wholly-owned power subsidiary has filed a draft prospectus with Sebi for an initial public offer (IPO).

"Indiabulls Power (formerly Sophia Power Co) has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India on July 15, 2009 in relation to its Initial Public Offer of equity shares," Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.

According to media reports, Indiabulls Power is planning to raise Rs 1,500 crore through the IPO to fund its future projects.

However, the company did not provide any further details related to the draft offer.

Shares of Indiabulls Real Estate closed at Rs 215.75, up 13.14 per cent on the BSE.