Suryachakra to list on BSE

BS Reporter / Chennai/ Hyderabad July 23, 2007

Shares of Hyderabad-based power generation company, Suryachakra Power Corporation Limited (Suryachakra), will be listed on the Bombay Stock Exchange (BSE) on July 23, 2007.

The company came out with an IPO of 34 million equity shares of Rs 10 each at a price of Rs 20 per share aggregating Rs 68 crore.

Suryachakra at present operates a 20Mw power plant in the Andaman and Nicobar Islands and its three wholly-owned subsidiaries are setting up two biomass-based power plants of 9.8Mw each in Chhatisgarh and two biomass power plants of 10Mw each in Maharashtra, the company stated in a press release on Saturday.

All the biomass-based power plants, being set up by its subsidiaries, are eligible for carbon credits and the subsidiaries have entered into a CDM emission reductions purchase agreement with Ecoinvest Carbon SA, Geneva, on July 13, 2007, for sale of carbon credits, the release added.

The company�s two subsidiaries � Lahari Power and Steels Limited and South Asian Agro Industries Limited � have also signed two MoUs on July 17, 2007, with Tata Power Trading Company Limited for supply of 9.8Mw power for a period of five years effective October 2007.