Ratnagiri Gas and Power Pvt (RGPPL), the erstwhile Dabhol project, could tap the capital market by the end of this year. RGPPL is planning an IPO to raise Rs 1,000 crore. Currently, RGPPL’s total equity capital base is Rs 4,000 crore. Out of Rs 4,000 crore, promoters GAIL, NTPC, Maharashtra State Electricity Board and financial institutions have, so far, contributed Rs 2,985 crore and the balance is to be raised through the IPO, he said. The company plans to use the IPO proceeds to repay the debt it has taken from Power Finance Corporation (PFC) and NTPC. The company has taken Rs 350 crore loan from PFC for completion of the power plant and LNG import terminal. NTPC had also sanctioned Rs 500 crore loan, of which Rs 150 crore has been drawn. The board of the company is expected to consider the change in status at its meeting on March 20. He also said that post-IPO, a private placement of Rs 500 crore is possible wherein the lenders to the power plant may convert their debt into equity....
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