Adani Power files IPO papers with SEBI
Adani Power, a part of the the Adani Group, has filed draft red herring prospectus (DRHP) with market regulator SEBI for IPO of 33.7 crore equity shares. The issue includes a reservation of up to 8,000,000 shares. Equity shares outstanding post issue would be 2,18,00,35,200.
It is a power project development company, which is developing, and will operate and maintain, power projects in India. It has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. In addition, it is also planning to develop two power projects with a combined installed capacity of 3,300 MW.
The company is going to utilize the issue proceeds – to part finance the construction and development of Mundra Phase IV Power Project, for 1,980 MW; funding equity contribution in subsidiary Adani Power Maharashtra Limited and to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra; and General corporate purposes.