Adani Power refiles for Rs 2,000-cr IPO

Adani Power, a part of the Gautam Adani-led business conglomerate, has approached the Securities and Exchange Board of India (Sebi) with a revised initial public offer (IPO) plan, estimated to raise more than Rs 2,000 crore.

This is the second time Adani Power is proposing an IPO, after its last attempt fizzled out due to the adverse market conditions.

In its revised draft prospectus filed with Sebi, Adani Power has proposed to sell over 33 crore equity shares of Rs 10 face value each, which would account for about 15 per cent of the company’s post-issue equity capital.

While the price of the shares to be offered in the IPO would be decided later, the company has said in the draft prospectus that it expects to utilise Rs 2,193 crore of the net proceeds from the public issue to fund its power projects — Mundra IV in Gujarat and Tiroda in Maharashtra.

The net proceeds of the issue equals total proceeds minus the issue-related expenses.