The Central and Electricity Regulatory Commission has allowed Adani Power to raise their tariff for electricity. CERC took the decision after considering the negative supply conditions in Mundra plant in Gujarat.
CERC has allowed Adani Power to increase the tariffs as the compensation until supply conditions improve. The regulator said that the hike in tariff will enable Adani Power to cover up costs as rising costs of coal imported from Indonesia along with the shortage of supplies from the state-run Coal India Ltd have made it unviable to sell electricity.
Adani’s top official said that it is anticipated that company has plans to increased its combined power generation capacity to 18,500 MW by the year 2020 and then it will also account for 32% of overall power production in the country.
Adani Power has received a letter of intent by Madhya Pradesh Government for development of 1,320 MW power project at Chinndwara in Madhya Pradesh.
According to the officials of the Company, Adani Power is already having numbers of projects with its subsidiaries and addition of this project will enhance the total capacity of the company to 13,000 MW.
Petron Engineering Construction has informed that it has won two orders from Powergen Infrastructure and Adani Power Maharashtra.
The sources informed that the orders have been valued at Rs 1.54 billion.
The scope of work of the order placed by Powergen Infrastructure includes erection and associated works of boiler and auxiliaries.
The order awarded by Adani Power Maharashtra includes work of TG auxiliaries of Unit No 1 and 3 out of 3 x 660 MW Tiroda Thermal Power Project located at Tiroda, District Gondia, Maharashtra.
Adani Power, a subsidiary of Gujarat-based conglomerate Adani group, has finally listed at Rs 105 on the BSE with a premium of 5% over its issue price of Rs 100.
Adani Power, a subsidiary of Gujarat-based conglomerate Adani group, will list its equity shares on the bourses on August 20, 2009.
The company has fixed the issue price at Rs 100 per equity share for its initial public offering of 301,652,031 equity shares of Rs 10 each.
Adani Power, a power project development company promoted by Adani Enterprises, has finally fixed the price at Rs 100 per equity share for its initial public offering (IPO) of 30.16 crore equity shares of Rs 10 each for cash.
The issue has received final subscription at 21.51 times, against the actual offer. The IPO opened on July 28 and closed on July 31.
Adani Power, the third group company of Ahmedabad-based Rs 30,000 crore Adani Group to tap the market, examined the issue over-subscribed 3.98 times on the first day of its debut.
APL issue is the first high-ticket issue to hit the market, after a gap of about 19 months. The issue closes on July 31.
Adani Power IPO today received an overwhelming response. The issue was subscribed 3.96 times in the first day, till 5 PM as per data from BSE.
The issue has so far received bids for 984.90 million shares as against the issue size of 248.79 million shares.
It should be noted that maximum bids have been received at the higher end of the price band. The issue was priced in the range of Rs 90-100 per share.
Adani Power Ltd, a member of $4.6 Billion Adani Group, has sold 36 million shares to Mauritius-based foreign equity player, Capital Trade and Private Investment and private equity player, 3i Power Investments A1 Ltd, ahead of its IPO planned to open on July 28.