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This is an archive article published on April 22, 2010

Essar launches $2.5 bn IPO

The IPO spans the corporate’s energy and power business.

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Indian conglomerate Essar Group has launched an initial public offer (IPO) of shares of its energy and power businesses to raise about $2.5 billion at a price range of 250 to 550 pence a share,two sources with direct knowledge of the matter said on Thursday.

The group is selling a 20-25 percent stake in Essar Energy,which will be listed on the London bourse after the IPO.

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