Essar Energy unveils US$2.5 billion IPO

Essar Energy, a private Indian integrated energy company, said it had decided to proceed with an initial public offering (IPO)of shares to institutional investors in the U.K. and elsewhere to raise US$2.5 billion. Essar Energy’s shares are expected to be traded on the main market of the London Stock Exchange following the offer. The company said it intends to apply for its shares to be admitted to the official list of the U.K.’s Financial Services Authority. The IPO will comprise new shares to be issued by Essar Energy, and is expected to be rolled out “in the coming weeks,” Company Vice Chairman Prashant Ruia said. (April 8, 2010)