ACB India Looking To Get Listed
Priyanka Kumari / 28 Jun 2013
The company has filed a DRHP with the SEBI for a second time to list its equity shares on the bourses. Under the current prospectus, the company has proposed to raise an amount of Rs 415 crore through a fresh issue.
ACB India (ACB), which has interests in the segments of coal beneficiation and power generation, has filed a DRHP with the SEBI to list its equity shares on the bourses. Earlier, it had filed a DRHP in June 2011 to raise Rs 525 crore. Under the current prospectus, the company has proposed to raise an amount of Rs 415 crore through a fresh issue.
The issue comprises both fresh issue and OFS by selling off 3.88 crore equity shares of its existing shareholders. It will be based on 100% book building method. The book running lead managers are IDFC Capital, Edelweiss Financial Services, JP Morgan India, Macquarie Capital India, Axis Bank, ICICI Securities, YES Bank and Link Intime India. IDFC Capital, Edelweiss Financial Services, JP Morgan India and Macquarie Capital India will also operate as global coordinators for the issue.
The company's topline stood at Rs 1357.88 crore and the bottomline at Rs 273.1 crore during FY2012. Due to the decline in operating expenses in the said period, mainly due to the decline in cost of raw materials, the EBITDA jumped by 50% to Rs 553.9 crore.
ACB intends to invest the net proceeds in the development and construction of a coal-based power project and a coal-based thermal power plant both in Chhattisgarh in Korba and Raigarh respectively. Its first project includes the expansion of Phase-II of blended coal-based power plant project (Korba) of 30 MW, for which the estimated 
cost is 152 crore. After expansion, the total capacity of this plant will reach 60 MW. The remaining proceeds will be utilised to part finance a 2x300 MW coal-based thermal power plant (Raigadh) of its subsidiary TRN Energy. The total estimated expense for the said project is Rs 2844.5 crore.
At an earlier point, DSIJ’s analysts were invited to the company for a plant visit in Chhattisgarh, based on which we had written about its IPO plans. The issue was expected to enter the market in March 2013, but the company has dropped the idea at that time. Now, it has filed a DRHP again. The company has not disclosed the issue price band for the issue and offered equity shares for the fresh issue. We will keep our readers updated as and when the issue-related details are announced, so keep watching this space.
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