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11/16/2012 6:14 AM ET

State-owned Jammu and Kashmir State Power Development Corporation Ltd. or JKSPDC has decided to come out with an initial public offering or IPO to tap the capital market.

Managing Director Basharat Dar said, "We are going public with IPO to be a listed company on the stock exchange and we have initiated on that."

JKSPDC is floating its IPO in near future to raise substantial equity for implementation of power projects, the statement said.

Jammu and Kashmir Power Development Corporation runs, operates and manages hydro-electric power projects in Jammu and Kashmir state.

by RTT Staff Writer

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