Adani Power IPO to open on July 28, 2009

The Initial Publice Offering (IPO) of Adani Power Limited opens for subscription on July 28, 2009. The IPO closes for subscription on July 31, 2009.

The company is coming out with public issue of 301,652,031 EQUITY SHARES of Rs 10 each for cash at price to be decided through book-building process. The issue includes a reservation of up to 8,000,000 EQUITY SHARES of RS 10 each for the eligible employees (THE “EMPLOYEE RESERVATION PORTION”).

The issue less the employee reservation portion i.e. 293,652,031 EQUITY SHARES is referred to as the “NET ISSUE”. The issue will constitute 13.84% of the post issue paid up capital of the company and the net issue will constitute 13.47% of the post issue paid up capital of the company.

This Issue has been graded by ICRA Limited as IPO Grade 3, indicating average fundamentals through its letter dated July 2, 2009.

The Equity Shares offered through this IPO are proposed to be listed on the NSE and the BSE. The Company has received an ‘in-principle’ approval from the NSE and the BSE, for the listing of the Equity Shares pursuant to letters dated May 29, 2009 and May 18, 2009, respectively. For the purposes of the Issue, the Designated Stock Exchange shall be the BSE.

The global co-ordinator and book running lead manager to the issue is DSP MERRILL LYNCH LIMITED. The book running lead managers to the issue are ENAM Securities Pvt Ltd and IDFC-SSKI Limited.

The co book running lead managers are JM Financial Consultants Pvt Ltd, Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, ICICI Securities Ltd and SBI Capital Markets Ltd.

Karvy Computershare Pvt Ltd is the registrar to the issue.

Source : Equity Bulls

Keywords