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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Essar Energy cuts IPO price amid volatile markets: source AFP - Saturday, May 1 Send IM Story Print Essar Energy cuts IPO price amid volatile markets: source Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – India's Essar Energy has cut the asking price for its initial public offering (IPO) on the London Stock Exchange due to volatile financial markets, a source familiar with the matter said. The firm being carved out of Indian conglomerate Essar Group has reduced the pricing for the IPO to 420 pence (6.45 dollars) a share from a previous range of 450 to 550 pence a share, the source said. This would value IPO at around two billion dollars, one of the largest by an Indian firm on the London Stock Exchange. It had hoped to raised around 2.5 billion dollars. The move came a day after Russian fertilizer maker UralChem Holding postponed its planned London listing amid insufficient demand from investors. Trading in the power, oil and gas exploration company was due to start Friday but now could be delayed "by a few days" and is expected Tuesday, the source said. An Essar Energy official declined to comment. The company plans to sell up to 25 percent of its share capital. "Essar has re-issued the price to ensure a successful debut, attract more investors and leave more on the table," the source said. "Financial and economic uncertainty intensified in the week of book-building, with the Greek debt crisis looming large," the source added. Global credit rating agencies downgraded the sovereign debt ratings of some troubled European economies in recent days, with Greece lowered to "junk", sparking financial market volatility. The source said investor response to Essar's IPO had been "encouraging" and that the offer had attracted a broad range of blue-chip international institutional investors. JPMorgan Cazenove Ltd. and Deutsche Bank AG are the joint global coordinators for the offering. Once the offering closes, Essar Energy will be considered for inclusion in the FTSE 100 Index, the company has said. Analysts said Indian companies may consider delaying capital raising plans in some European markets until there is clarity on debt crisis. "The broad momentum is a downward trend regarding the debt crisis," said Saurabh Mukherjea, head of India equities at London-headquartered investment bank Execution Noble. Essar Energy, with assets of eight billion dollars in power, oil and gas businesses, has a total installed generation capacity of 1,220 megawatts. It aims to use the money raised to hike its power generation capacity, expand refining operations and carry out exploration and development of its oil and gas blocks. Essar Energy is made up of the power business and the oil and gas businesses held within companies owned by Essar Global Ltd., a unit of Essar Group. The diversified Essar Group was founded more than four decades ago by billionaire brothers Shashi Ruia and Ravi Ruia. Execution Noble analysts said in report Friday they see "minimal" direct impact from the European sovereign debt woes on India's banking system, which has an estimated exposure of one billion dollars to the troubled southern European economies. "The impact on foreign inflows into India is, however, a source of concern," said the brokerage, noting that if flows reverse the markets would slide and affect capital raising and commercial borrowing plans of Indian companies. 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