Skip to main content

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.
Labels:

Comments

Post a Comment

Popular posts from this blog

Jyoti Structures bags Rs 253 cr worth orders

Jyoti Structures on Tuesday said it has bagged two orders worth Rs 253 crore from Uganda Electricity Transmission Company Ltd and Eskom Enterprises (Pty) Ltd for construction of transmission lines. The company has bagged Rs 160-crore order from Uganda Electricity Transmission Company Ltd for construction of transmission lines and sub-stations. Besides, the company's joint venture company Jyoti Structures Africa (Pty) Ltd has bagged a contract for Eskom Enterprises (Pty) Ltd, the electricity utility of South Africa for construction of transmission line. The scope of the order from Uganda Electricity Transmission Company includes supply and erection of Bujagali Interconnection Project, the manufacturer of transmission line towers informed the Bombay Stock Exchange. The contract valued at around $39.64 million (Rs 160 crore) is to be executed in 24 months, the company said, adding the company would construct 220 kV and 132 kV transmission lines and substations.
Post a Comment
Read more

Market ends quiet on the first day

Market Closing Report - Source Moneycontrol.com Sensex closed up 13.72 points or 0.07% at 20300.71, and the Nifty up 5.75 points or 0.09% at 6144.35. About 2418 shares have advanced, 651 shares declined, and 36 shares are unchanged. The BSE Bankex was up 1% at 11,510.31. IOB, Allahabad Bank, Centurion Bank, Andhra Bank, Karnataka Bank closed in green. The BSE Capital Goods Index closed flat at 19,747.80. Greaves Cotton, Kirloskar Oil, Astra Microwave, Reliance Infra closed higher. The BSE Auto Index closed at 5,716.49 up 1%. Hind Motors, Apollo Tyres, Exide Industrie, Bharat Forge, Tata Motors closed higher. The BSE Metal Index closed at 20,061.49 up 0.2%. Mah Seamless, JindalStainless, Jindal Saw, SAIL, Jindal Steel closed higher The BSE FMCG Index closed up 2.4% at 2,375.07. ITC, Marico, Tata Tea, Dabur India, HUL, Godrej Consumer ended higher BSE Oil and Gas Index closed at 13,280.88 down 0.2%. Essar Oil, Petronet LNG, Reliance Petro, ONGC ended higher. The BSE IT Index was at 4,471...
Post a Comment
Read more

Day End Report

The Sensex opened with a positive gap of 317 points at 9,362, on the back of on-going pull-back in the market. Intra-day profit taking saw the index pare gains during the day, the Sensex however ended on a firm note at 9,788 - up 744 points With today's gain, the main index of the Bombay Stock Exchange, the Sensex, gained over 27% (2,091 points) from it's Monday low of 7,697. However, the index was down almost 24% (3,072 points) for the month, and down nearly 52% (10,499 points) so far this year. The BSE Metal index surged over 10% to 5,368, and Oil & Gas index soared over 9% to 6,196.   The market breath was fairly positve - out of 2,575 stocks traded, 1,577 advanced, 915 declined and the rest were unchanged today. Mahindra & Mahindra zoomed 23% to Rs 372. HDFC soared 17.5% to Rs 1,765, and Jaiprakash Associates surged 16.5% to Rs 72. ICICI Bank rallied 15.5% to Rs 399. Sterlite gained 14.5% at Rs 282. Reliance and Reliance Communications moved up 13.8% each to Rs 1,37...
Post a Comment
Read more