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| Adani Power's sells 36 mn shares ahead of its July 28 IPO |
| BS Reporter / Mumbai Jul 21, 2009, 00:57 IST |
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Adani Enterprises-promoted Adani Power said the company had sold 36 million shares to a founder group firm and to private equity firm 3i.
The shares were allotted on June 25 at Rs 81.42 a share to 3i Power Investments and at Rs 111.50 to Mauritius-based Capital Trade & Investments, worth a total of over Rs 370 crore.
 The firm’s initial public offering (IPO) opens on July 28 and it will announce the price band for the 301.6 million shares on offer within a few days, officials said at a press conference in Mumbai today.
The issue would constitute 13.84 per cent of the post-issue paid-up equity share capital of the company. It includes a reservation of upto 80 million shares for eligible employees.
Adani Power’s will be the first major IPO in the recent past after the markets’ plunged about 18 months earlier. Indiabulls Power and state-run hydro power firm NHPC have also announced plans for an IPO.
Adani Power is currently setting up a 6,600 Mw unit at Mundra in Gujarat and at Tiroda in Maharashtra, at an estimated expense of Rs 28,369 crore. “We have tied-up for Rs 22,000 crore debt. For the balance Rs 5,700 crore equity portion, we have put in an equity for Rs 2,800 crore,’’ said Gautam Adani, chairman.
He said the company has four thermal power projects under various stages of implementation — Mundra phases I and II, with four units of 330 Mw each and an aggregate capacity of 1,320 Mw, Mundra phase-III with two units of 660 Mw each and the fourth phase of the project with three 660 Mw units each.
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