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Adani Power IPO

Adani Power Ltd – an Adani Enterprises company - has received SEBI approval for the proposed Rs 5,630-crore IPO.

While company officials as well as the issue managers are tightlipped about it, sources close to the development told Business Line that the company’s IPO proposal received the go-ahead on September 5. The approval is valid for 90 days.

A formal announcement in this regard is expected once APL submits the issue schedules to SEBI in the next couple of days.

Sources, however, say that the company is aiming to open the issue preferably in mid-November. The timing may be advanced depending on the market conditions.

In the draft red herring submitted to SEBI on May 1 this year, APL said that the IPO would part-finance the company’s proposed six coal-based thermal power projects in Gujarat, Maharashtra and Rajasthan totalling 9900 MW at an estimated investment of Rs 43,139 crore.

APL proposed to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of the post-issue paid-up capital. Post-issue, the controlling stake of Adani Enterprises will come down from 86.45 per cent to 74.04 per cent.

Project details

Of the six projects, the company is currently implementing the Rs 19,106-crore 4620 MW mega project at Mundra. The project will be implemented in four phases beginning January-March quarter of 2009 to 2011.

Phase I and II are of sub-critical category (4 X 330 MW) and phase III ( 2X 660) and IV (3 X 660)MW) are of super critical category. APL has already awarded the EPC contracts and firm agreements for coal supplies from Adani group owned mines in Indonesia.

The company has already struck firm power purchase agreements with Gujarat Urja Vikash Nigam Ltd (2000 MW) and Haryana Government (1424 MW) from the project. A 1000 km transmission line is also being implemented for supply of power to Haryana.
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