Power producer Indiabulls Power today said it planned to raise about Rs 900 crore to finance upcoming projects.
The company is also evaluating amalgamation of Indiabulls Infrastructure Development with itself, a move that would enhance Indiabulls Power's networth by around Rs 1,045 crore.
Indiabulls Infrastructure Development is a subsidiary of group firm Indiabulls Real Estate.
In a regulatory filing, Indiabulls Power said it is looking to tie up Rs 900 crore with a bank, "from which the company has already received a term sheet".
"...Equity required for implementation of Phase II projects will be met through a combination of existing equity and equity augmentation plans of the company," it noted.
The company said that these moves, approved by its board of directors today, would help in getting finance for all its "four projects in totality for equity as well as debt".
For the proposed amalgamation (with Indiabulls Infrastructure Development), the firm has set up a restructuring committee.
"The board will make its final decision in due course regarding the restructuring exercise upon receiving the recommendations of the restructuring committee...," the filing said.
According to its website, Indiabulls Power is developing thermal projects with an aggregate capacity of 5,400 Mw.
