On Monday, Bhilwara Energy (BEL), a group firm of the LNJ Bhilwara Group said that it is going to sell per cent of its stake in the company to two foreign investors. Out of the dilution it expects to raise Rs.230 crore which will then be used to finance its power projects.

Out of the per cent, 10.8 per cent will be sold off to Washington-based IFC and the rest will be given to India Clean Energy Fund. Sources say that both of the companies will be paying $50 million each.

Post divestment, the promoters of BEL will be left with 83 per cent. In this, the breakage will be based on the amount of stake a promoter holds. Holding of HEG will come down from 28.9 per cent to25.5 per cent followed by Rajasthan Spinning and Weaving Mills will be 17.4 per cent down from 19.5 per cent.

The company said that the funds thus generated will be used for funding its power plants that are in different stages of implementation in India and Nepal. Combined they need Rs.8,000 crore and will be of 86 MW and 192 MW.