Adani Power, a power project development company, promoted by Adani Enterprises Limited, flagship company of Adani Group, with total revenues of Rs 196 billion, is entering the capital markets with an initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.The issue will open on July 28, 2009, and close on July 31, 2009. The company filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, Dadra and Nagar Haveli (RoC) on July 14, 2009.
The issue would constitute 13.84% of the post-issue paid-up equity share capital of the company. The issue includes a reservation of up to 8,000,000 equity shares of Rs 10 each for eligible employees. The issue less the employee reservation portion comprises a net issue of 293,652,031 equity shares. The net issue will constitute 13.47% of the post-issue paid-up equity share capital of the company.
The equity shares offered through the RHP of the company are proposed to be listed on National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).
The global coordinator and book running lead manager for the issue is DSP Merrill Lynch Limited. Other book running lead managers for the issue are Enam Securities Private Limited, IDFC-SSKI Limited, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, ICICI Securities Limited and SBI Capital Markets Limited.
