Adani Power's initial public offer (IPO) is likely to open in July, 2009, said the Group Executive. "The IPO is likely at about Rs 120 per share," reports CNBC-TV18.
Adani Power, a part of the the Adani Group, filed draft red herring prospectus (DRHP) with market regulator SEBI for IPO of 33.7 crore equity shares. The issue includes a reservation of up to 8,000,000 shares. Equity shares outstanding post issue would be 2,18,00,35,200.
It is a power project development company, which is developing, and will operate and maintain, power projects in India. It has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. In addition, it is also planning to develop two power projects with a combined installed capacity of 3,300 MW.
The company is going to utilize the issue proceeds - to part finance the construction and development of Mundra Phase IV Power Project, for 1,980 MW; funding equity contribution in subsidiary Adani Power Maharashtra Limited and to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra; and General corporate purposes.
The company has made preferential allotment to Ventura Power at Rs 70 a share. This placement price values the company at Rs 15,260 crore post IPO.
Adani Enterprise, promoter will hold 70.25% stake in the company post IPO.
Global coordinator and book running lead manager to the issue is DSP Merrill Lynch Limited and Registrar to the issue is Karvy Computershare Private Limited.
Source: Moneycontrol.com
Saturday, June 13, 2009
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