Indian utility Adani Power Ltd, is going for an initial public offering (IPO) of 30.16 crore equity shares of Rs. 10 each for cash at a price to be decided through a 100 per cent book building process.

However, the company has not mentioned about the price band of the issue. The issue for the IPO will open on July 28.

According to a company official, the issue would constitute 13.84 per cent of the post issue paid-up equity share capital of the company. In addition, the issue includes a reservation of up to 8,000,000 equity shares for eligible employee.

The issue has been graded by Credit Rating agency, ICRA Limited an IPO Grade 3, indicating average fundamentals compared with its peers.

The raised funds will be utilize by the company to part finance the construction as well as development of Mundra Phase IV power project for 1,980 MW and to fund equity contribution in its subsidiary - Adani Power Maharashtra.

The equity shares are proposed to be listed on the NSE and the BSE.

The global coordinator and book running lead manager for the issue is DSP Merrill Lynch.