Issue Details

Adani Power (APL) is coming out with a public issue of 294m shares (Face value of Rs.10) which represents 13.5% of the post-issue paid up capital of the company (Rs.2200 crore). The price band has been decided in the range of Rs.90 to Rs.100 per share. At the indicated IPO price band, Adani Power will raise Rs.2640 crore to Rs.2940 crore. The issue opens for subscription on 28 July 2009 and closes on 31 July 2009.

The object of the issue is to finance Rs.2193 crore towards part of the equity commitment towards the Mundra Power Project Phase-IV (1,980MW) and Tiroda Power Project (1,320MW). The company has recently raised Rs.370 crore through pre IPO placement of 3.61 crore shares (1.7% of the post issue capital) at an average price of Rs.104/share. Of this, 91 lakh shares have been issued to Private equity investor, 3i Capital, at Rs.81/share; while promoter group company has acquired balance 2.69 crore shares at price of Rs.112/share.