The Chennai (India) based Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation, announced today that ICICI Securities Limited has agreed to be the Lead Merchant Banker for the fund raising exercise through issuance of equity shares in India for Clenergen’s 16MW and 64MW gasification technology based power plants.
The cost of the two projects, which together will generate 80MW/Hr of clean, renewable electricity, has been projected to total US$ 236.47 million, out of which a sum of US$ 153.70 million is planned to be raised in the form of long term debt. This assignment has been mandated to Ernst and Young in India.
Out of the total equity component of US$82.76 million, US$65 million will be raised through a public floatation on the Indian Capital Markets, the rest being a combination of contribution to equity by Clenergen Corporation, USA and private placement of shares before floatation. Post closure of the public offering, the shares of Clenergen India will be listed for trading on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).
ICICI Securities Limited (I-Sec), part of the ICICI Bank’s financial services conglomerate, has agreed to act as a Lead Merchant Banker (private equity placement, pre-IPO and the public floatation of Clenergen India). I-Sec is recognized as one of India’s premier merchant bankers, successfully handling many of the largest public flotations in India.
The proposed public flotation is being planned to hit the Indian markets in March 2010.
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