Adani Power slips after listing at Rs 108 even as mkts rise

Aditya Maheshwari (CA in Practice) (35857 Points)

20 August 2009  


Adani Power listed at Rs 108 on the NSE at a premium of 8% to its issue price of Rs 100 a share. However, the share slipped and was trading at Rs 102, at a premium of 2% to its issue price. The share touched an intraday high of Rs 110 and an intraday low of Rs 100.15 in the early trade. The total traded quantity was 44,87,395 shares and turnover was at Rs 4692.92 lakh.


On the BSE, the share opened at Rs 105, at a premium of 5% to its issue price. It touched an intraday high of Rs 107.90 and intraday low of Rs 98.50.


 The initial public offering was of 301,652,031 equity shares of Rs 10 each. The issue was subscribed 21.64 times. The company raised Rs 3,016.52 crore via this IPO. It intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.

The net issue constituted 13.47% of the post-issue paid-up equity share capital of the company