Indiabulls Real Estate, one of the largest listed real estate companies in India, has informed that its wholly-owned power subsidiary Indiabulls Power has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO).

As per reports, Indiabulls Power will offer 34 crore shares via this issue and will have green shoe option as well. However, the company did not provide any further details related to the draft offer.

Indiabulls Power, which formerly known as Sophia Power Company, has plans to raise Rs 1500 crore through an IPO to finance its three upcoming power projects in Maharashtra and Chhattisgarh.