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NT Bureau
Chennai, Aug 21:

        Wind energy firm Indowind Energy Ltd has entered the capital market yesterday with a public issue of 1,25,00,000 equity shares of Rs 10 each through 100 per cent book building process.

        Out of this, 2,60,000 equity shares have been reserved for subscription by eligible employees of the company.

        The issue would close on 24 Aug and the price band has been fixed at Rs 55 to Rs 65, the net issue would constitute 25 per cent of the fully diluted post issue paid-up capital of the firm.

        K V Bala, chairman said that the profits accrued from this would fund the company's efforts to harness the wind energy potential on better commercial terms by implementing an additional capacity of 9 MW wind farm project in Karnataka.

        Through the profits, the firm also has plans to purchase hydraulic cranes, foreclosing of existing lease accounts with bank.

        Bala said that India is now the fourth largest wind power generator in the world after Germany, Spain and USA and added that wind energy continues to be the fastest growing segment in the renewable energy sector in the country.