Adani power ltd sold 36-million shares before IPO…
In a pre-IPO placement, Adani Power Ltd has sold 36-million shares to Mauritius-based foreign equity player, Capital Trade and Investment Pvt Ltd and private equity player, 3i Power Investments A1 Limited, ahead of its initial public offering sch eduled to open on July 28.
The project cost for generating 6,600 MW is estimated at Rs 28,369-crore. They have fully tied-up for Rs 22,000-crore debt. Out of the balance Rs 5,700-crore, Rs 2,800-crore worth equity has been placed.
Adani Power has sold 26.91-million shares at Rs 111.50 each to Capital Trade and Pvt Investment Ltd and 9.14-million shares at Rs 81.42 per share to 3i Power Investments, Adani said. The company is offering 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process.
The issue would constitute 13.84 per cent of the post-issue paid-up capital of the company. The issue will open on July 28. The issue proceeds will be used to partly finance the construction and development of its coal-based power projects at Mundra in Gujarat and Tiroda in Maharashtra.
The company plans to set up four thermal power projects with a combined installed capacity of 6,600 MW
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