With its first attempt to come out with an initial public offer (IPO) last May being ruined because of difficult market conditions, Adani Power Ltd has again approached the market regulator SEBI with its revised IPO proposal. The company projects proceeds over Rs 2,000 crore from the public issue.

The stock market rally over the last few weeks has probably given the Adani Power - part of Gautam Adani-led business conglomerate - enough encouragement to file the draft prospectus with SEBI, for the sale of 337.7 million equity shares, of Rs 10 face value per share. The proceeds would comprise nearly 15 percent of the company's post-issue equity capital.

As per the draft filing, Adani Power, which has investors like UK-based private equity firm 3i group, intends using the net proceeds to partly finance two of its under-development power projects - Mundra IV in Gujarat and Tiroda in Maharashtra.

Adani Power's public offering in last May was stalled, as IPOs almost collapsed in India last year, with investors' interests waning amid the worst financial meltdown worldwide.

According to Thomson Reuters data, though the 2008 first quarter saw $3.7 billion being raised - including a large chunk of $2.9 billion alone by Reliance Power - in the rest of the year only $658 million were raised through IPOs!