Corporate News Details
Adani Power has planned to launch its initial public offer by the end of July. The company has received the capital market regulator's permission for the IPO. Earlier, the company had postponed its IPO in September 2008 due to market turmoil.
The company had required to raise Rs 2,200 crore in its draft red herring prospectus, but sources said the issue size could be raised to Rs 3,000 crore. Consequently it will make the IPO the first big issue after the Reliance Power (R-Power) IPO in February last year.
While the company is offering 330 million equity shares through the IPO, sources said employees would be able to subscribe at Rs 90 a share. The Adani Power IPO will be a test of market sentiments, as it comes after a dearth of more than a year in the primary market.
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