Issue opens : July 28, 2009
Issue closes : July 31, 2009
Issue size : 30.16 crore equity shares
Reserved for employees : 0.8 crore equity shares
Fresh issue to public : 29.36 crore equity shares
Face value : Rs10 each
Break-up of fresh issueto public:
QIB's portion : At least 17.61 crore shares
Retail portion : Not less than 8.8 crore shares
Non-institutional portion : Not less than 2.9 crore shares
Price band : Rs90-100
Objective of the issue
The total issue of 30.16 crore equity shares is aimed at raising Rs2,715 crore to Rs3,016 crore (depending on the price band of Rs90-100 per share). Of the total issue the company is expected to deploy Rs2,193 crore for funding its projects while the balance would be utilised for general corporate purposes.
Company background
Adani Power Ltd (APL) is a power project development company that is developing and will operate and maintain power projects in India. The company currently has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 megawatt (MW).
In addition, the company is also planning to develop two power projects with a combined installed capacity of 3,300MW. Adani Enterprise Ltd (AEL), the promoter of APL, is part of the Adani group. AEL is one of the largest traders of coal with coal mining rights both in the international and domestic markets. AEL is one of the largest power traders—in volume terms—in India. Another Adani group company, Mundra Port and Special Economic Zone Ltd (MPSEZL), owns and operates one of the largest private sector commercial ports in India, a special economic zone (SEZ) at Mundra, and a railway line between Mundra and Adipur. This would help APL to derive strong synergies, what with its projects being located in close vicinity.
Peer comparison
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