(text of newsfeed released by The London Stock Exchange) OPG
Power Ventures develops and operates power plants in Gujarat and Tamil Nadu
in India.
The primary listing of OPG's Ordinary Shares on AIM raised £63.8
million, giving the Company a market capitalisation of £172.2 million.
The proceeds from the IPO will be used to fund the construction of a further
four power plants, adding to the two plants already in operation.
Commenting on the IPO, Arvind Gupta, Chief Executive of OPG, said:
"OPG has been delighted with the strong response from the UK
investment community to our business which addresses the significant power
deficit issues in India. The funds raised gives OPG the ability to finance
the building of a further four power stations, increasing our power output
from the existing 19MW to over 440MW in around two and half years."
Cenkos Securities are acting as Nomad and Broker to OPG. Solicitors to OPG
were McGrigors, the accountants were Grant Thornton, auditors Deloitte
Haskins & Sells, and Financial PR Buchanan Communications. Solicitors to
the Nomad and Broker were Norton Rose.
