Adani Power IPO to open on July 28

Adani Power IPO to open on July 28Adani Power, a subsidiary of Gujarat-based conglomerate Adani group, has plans to tap the capital markets on July 28 with an initial public offering of 301,652,031 equity shares of Rs 10 each at a price to be decided through the book-building process.

The issue would constitute 13.84% of the post-issue paid-up capital, which includes a reservation of up to 8,000,000 shares for employees.

Adani Power is developing projects in Gujarat, Maharashtra and Rajasthan with a total generation capacity of 9,900 mw. The company was expected to go public last November but due to volatile market conditions it deferred its plans. The company management is waiting for the market conditions to improve.

DSP Merrill Lynch Ltd is the global coordinator and book running lead manager for the public offer. The Shares are proposed to be listed on NSE and BSE.

The IPO will close on July 31.