Abhijeet Power is seeking to raise about $308 million through an initial public offering (IPO), The Wall Street Journal reports. The offering includes a share sale worth about $112.5 million to institutional investors through a pre-IPO placement.

The proceeds are expected to be used for the construction of two coal-fired power plants in India. DSP Merrill Lynch, Enam Securities, Axis Bank, IDFC Capital, SBI Capital Markets and UBS Securities India have been appointed to manage the IPO.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.