Indiabulls Power

Indiabulls shares up because of talks with ArcelorMittal

Indiabulls shares up because of talks with ArcelorMittal

Shares of financial institution, Indiabulls Power surged on Tuesday after there were news that it is having talks with ArcelorMilltal. The rise was close to 5 per cent and the speculations suggest that the increase was because of rumors that the company is having JV talks with the European company.

The two, it is said, are planning to set up a mining JV in India. The shares increase on the BSE.

In real terms, Indiabulls zoomed up by 4.7 per cent to end at Rs 28.05 on BSE. The same trend was seen on Nifty that went up by 4.9 per cent to end at Rs 28.10.

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Indiabulls Power

Indiabulls Power, a subsidiary of Indiabulls Financial Services and a company backed by UK-based billionaire LN Mittal's LNM India Internet Ventures, failed to attract investors on its debut trading on the Bombay Stock Exchange. This might be an indication for power firms that investors are not ready for power IPOs at this point of time.

Anchor investors to buy 60 million shares of Indiabulls Power

Eight secured investors are all set to buy over 60 million shares, amounting to Rs 270 crore, of Indiabulls Power Ltd as informed by the company, which is going for IPO on October 12. The firm is expected to raise Rs 270 crore by selling stake at Rs 45 a piece to anchor investors.

Indiabulls Power to setup 2640 MW Power Project in MP

Indiabulls Power Services Ltd (IPSL), a 100% subsidiary of Indiabulls Real Estate Ltd, has entered into a Memorandum of Understanding (MOU) with Government of Madhya Pradesh for setting up of 2640 MW power project.

Under the terms of the MOU, the Government of Madhya Pradesh shall facilitate and extend all reasonable help and assistance to IPSL for setting up the aforesaid project, which would be setup in two stages of 1320 MW.

Indiabulls Power inks MoU with Jharkhand Government

Indiabulls Power Services (IPSL), a subsidiary of Indiabulls Real Estate, has signed a Memorandum of Understanding with the Jharkhand government for setting up a 1,320 MW power project in the state.

Under the MoU, government of Jharkhand would facilitate and extend all assistance to IPSL with regards to allotment of captive coal block, acquiring land and allotting water for the project.