Date : Jun-29-2009
New Delhi: Adani Power Ltd (APL) is planning to launch its initial public offering (IPO) on July 21 at a price of Rs 130 per share. As per the sources, APL is aiming to garner more than Rs 2200 crore through the IPO. Adani Power has submitted its draft red herring prospective with the SEBI and APL is expected to get the nod soon.
Adani Power is setting up its largest power plant of 4620 MW of capacity in Mundra with an investment of over Rs 20,000 crore. The project is expected to be completed by March 2012.The fund raised will be utilised for the development of Mundra project and the Tiroda power plant in Maharashtra, resulting in power generation of 6500 MW. The total capex is estimated at Rs 28,369 crore. Currently, Adani Group holds stake of over 85 per cent in Adani Power and after the public issue the promoter stake will be reduced to 73 per cent.
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