SEBI has given green signal to Adani Power Limited’s initial public offer (IPO). The company is expected to hit the capital market on 20th July. APL, which had postponed its IPO due to bad market condition in September 2008, is now planning to raise over Rs 3,000 crore for financing its 6600 MW power plants at Mundra and Tiroda in Gujarat and Maharashtra respectively.As per the plan, Adani Power Limited is offering 33.77 crore equity shares through the IPO. The company is expected to charge a premium of around Rs 120 per share of Rs 10, sources familiar with the situation said.
At present, the promoters hold 87 per cent equity in the company. Post IPO, the promoters will have around 73.5 per cent holding as it is raising an additional 15 per cent equity through IPO. It may be pointed out that a UK based private equity fund has already picked up 8 per cent equity in the company.
Source: greymarket.in
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