Adani Power, which will enter the capital market on July 28, has sold 36 million shares totaling Rs 375 crore to private equity players Capital Trade and Investment and 3i Power Investments A1 in a pre-IPO placement.
"Adani Power has sold 26.91 million shares at Rs 111.50 each to Capital Trade and Investment and 9.14 million shares at Rs 81.42 per share to 3i Power Investments," Adani Power Chairman Gautam Adani told reporters here.
He said, "The total project cost for generating 6,600 Mw is estimated at Rs 28,369 crore.
"We have fully tied up for Rs 22,676 crore for debt including sub debt. Out of the balance Rs 5,700 crore, the company has placed equity for Rs 2,800 crore and the remaining amount will come from (initial) public offer and internal accruals."
Till date, the company has received Rs 1,878 crore through equity placement of 187 crore shares of Rs 10 each. It has also received Rs 782 crore towards share premium.
The company is now 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 to raise around Rs 2,193 crore through IPO.
The issue would constitute 13.84 per cent of the post-issue paid-up capital of the company.
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.
Its Mundra Phase I and II power projects with four sub-critical units of 330 Mw each will have an aggregate capacity of 1,320 Mw. The Mundra Phase II power project with two super-critical units of 660 Mw each will have aggregate capacity of 1,320 Mw.
Mundra Phase IV power project with three super-critical generation units of 660 Mw each will have aggregate capacity of 1,980 Mw.
The company is also setting up three super-critical generation units of 660 Mw each with an aggregate capacity of 1,980 Mw at Tiroda in Maharashtra. In addition, it is also planning to develop two power projects with a combined installed capacity of 3,300 Mw through its subsidiaries.
Adani Power is currently implementing 4,620 Mw coal-based power plant at Mundra and 1,980 Mw at Tiroda, for which land, water, coal linkages and debt have been tied-up. Both these projects enjoy location advantage for cost-effective logistics for coal, availability of water and proximity to power deficit area, Adani said.
On completion, the Mundra power plant will have the distinction of being the largest power generation plant in India.
