PROJECT | Staff Reporter, India

India's Essar Energy raises $1.95 billion after IPO price slash

The power producer, which will start trading on the London Stock Exchange May 4, sold 303 million shares at 420 pence each after cutting the price from the 450 to 550 range.

A Bloomberg report says the sale will help Essar Group expand power generation, oil refining and energy exploration to meet demand in India.

Essar Energy Ltd is India's second-largest private-power producer.

View the full report in Bloomberg.

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