In June last year, the clean-energy unit of Ushdev International Ltd. (UTF), India’s third-largest non-state metal trader, said it may seek to acquire wind farms to boost its capacity 10- fold by 2014
Ushdev Power Holdings, arm of metal trading house Ushdev Industries, was looking to buy out a bankrupt wind power company listed on London’s Alternative Investment Market (AIM).
In september last year we had noted that,Ushdev International was talking to private equity (PE) investors to raise $20-$40 million to fund its expansion, as it plans to acquire domestic wind farms and foray into mining.
According to reports, Ushdev International Ltd. is raising Rs 160 crore ($32 million) through a preferential allotment to Singapore-based private investment group Oxley.
The capital raised will be used for business expansion, strengthening financial position and meeting working capital requirements, according to the company.
Oxley will subscribe to 5 million fresh shares at Rs 320 each and post-issue, will own around 14.5 per cent stake in the company. Post-issue, Ushdev promoters’ holding will be diluted to 46.74 per cent from the current 54.69 per cent.