Adani Power fixes IPO price band of Rs 90-100

MUMBAI: Adani Power, a power project development company, promoted by Adani Enterprises, has fixed the price band between Rs 90 and Rs 100 per equity share for its initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The Issue will open on July 28, 2009.

At the launch of the IPO on Monday, the company did not disclose the price band. A section of market men was expecting a price band between Rs 100 and Rs 120.

The minimum Bid Lot has been fixed at 65 Equity Shares by the Company in consultation with the Global Coordinator and Book Running Lead Manager. The Bid/ Issue will close on July 31, 2009.

Net Issue Proceeds to be utilised to partly finance the construction and development of Mundra Phase IV Power Project and Tiroda Power Project being developed by the Company���s subsidiary, Adani Power Maharashtra Limited.