Jaiprakash Hydro IPO to open this month

Addressing a press meet on Monday, R K Narang, senior vice-president, JAL, said, "The offer for sale would be through the book-building route and will constitute 36.66 per cent of the total paid-up capital of JHPL."

"The draft red herring prospectus for the offer has been filed with the Securities & Exchange Board of India (Sebi) on February 7. We expect the initial public offer to be launched by the third week of March," he said.

Out of the 18 crore shares, ten per cent shares have been reserved for the existing shareholders of the company, while ten per cent shares have been reserved for the employees of JAL and JHPL. The remaining shares would be on offer to the public, Narang said.

Jaiprakash Associates is the flagship of Jaypee Group, which is a Rs 3,000-crore industrial conglomerate . The Jaypee Group was among the first to enter the field of hydel power generation in private sector after the government opened hydel power development to private sector in 1992.