Suryachakra Power files IPO papers

Suryachakra Power Corporation (SPCL) has filed the draft red herring prospectus with the securities and exchange board of India (Sebi) on June 1 for issue of 34 crore equity shares of Rs 10 each through the book-building route. The net issue to the public would constitute 43.85% of the fully-diluted post-issue paid-up capital of the company. 

According to an official release issued to the BSE, established in 1995, SPCL is the first independent power project in India to build and operate a power plant at the Andaman and Nicobar Islands. The company operates a 20-MW diesel-based power plant at Bamboo Flat in Port Blair and supplies electricity to the union territory.