Adani Power IPO Details

Issue Open Jul 28, 2009
Issue Close Jul 31, 2009
IPO Price ₹100
Face Value ₹10
IPO Size ₹3,016.52 Cr
Listing At BSE, NSE
IPO Lot Size 65

ADANI POWER LIMITED

(Our Company was incorporated on August 22,1996 as a public limited company under the Companies Act, 1956.
For details of changes in the name and registered office of our Company, see 'History and Certain Corporate Matters' on page 131 of the Prospectus.)
Registered Office: Shikhar, Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380 009
Tel: (91 79) 2656 5555; Fax: (91 79) 2656 5500;
Contact Person: Mr. Rahul C. Shah, Company Secretary and Compliance Officer;
Email: ipo@adanipower.com; Website: www.adanipower.com.

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 301,652,031 EQUITY SHARES OF RS.10 EACH OF ADANI POWER LIMITED ('APL' OR THE'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS.100 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 90 PER EQUITY SHARE), AGGREGATING TO RS. 30,165.20 MILLION (THE 'ISSUE'). THE ISSUE INCLUDED A RESERVATION OF UP TO 8,000,000 EQUITY SHARES OF RS.10 EACH FOR THE ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION, I.E. 293,652,031 EQUITY SHARES, IS REFERRED TO AS THE 'NET ISSUE'. THE ISSUE WILL CONSTITUTE 13.84% OF THE POST ISSUE PAID UP CAPITAL OF THE COMPANY AND THE NET ISSUE WILL CONSTITUTE 13.47% OF THE POST ISSUE PAID UP CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS.10. THE ISSUE PRICE PER EQUITY SHARE IS RS.100, WHICH IS 10 TIMES OF THE FACE VALUE

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 ('SCRR'), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein at least 60% of the Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which 5% was available for allocation on a proportionate basis to Mutual Funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. Further, not less than 10% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
The Issue received 572,627 applications for 5,462,170,966 Equity Shares aggregating to 18.11 times over-subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees are as under:

Sr. No. Category No. of
Applications Received
No. of Equity Shares Amount (Rs.) No. of times subscribed
A Retail Individual Bidders 570,460 256,742,966 25,684,028,727 2.91
B Non Institutional Bidders 1,303 243,598,195 24,359,061,440 8.21
C Qualified Institutional Bidders 302 4,866,773,145 48,659,430,495 39.48
D Anchor Investor 18* 94,042,325 5,285,735,000 1.78
E Eligible Employees 544 1,014,335 101,433,500 0.13
Total 572,627 5,462,170,966 104,089,689,162 18.11

* Includes 6 applications by six schemes of Sundaram BNP Paribas Mutual Fund which have been considered as one application for Anchor Allocation.

Final Demand
A summary of the final demand as per the BSE and the NSE as on the Bid/ Issue Closing Date at different bids is as detailed hereunder:

Bid Price (Rs.) No. of Equity Shares Percentage of total demand Cumulative Total Cumulative Percentage
of Total Demand
90 1,082,965 0.02 5,382,936,065 100.00
91 17,615 0.00 5,381,853,100 99.98
92 34,190 0.00 5,381,835,485 99.98
93 17,550 0.00 5,381,801,295 99.98
94 15,470 0.00 5,381,783,745 99.98
95 20,848,295 0.39 5,381,768,275 99.98
96 521,625 0.01 5,360,919,980 99.59
97 3,009,240 0.06 5,360,398,355 99.58
98 330,980 0.01 5,357,389,115 99.53
99 30,615 0.00 5,357,058,135 99.52
100 5,357,027,520 99.52 5,357,027,520 99.52

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the Bombay Stock Exchange Limited ('BSE') on August 12, 2009.

A. Employees
The Basis of Allocation to the Eligible Employees who had bid at cut-off or at the Issue Price of Rs.100 per Equity Share, was finalised in consultation with the BSE. The total number of Equity Shares allocated in this category is 1,008,605. The undersubscribed portion of 6,991,395 Equity Shares has been spilled over to the Retail Individual Bidder category.

B. Allocation to Retail Individual Bidders, Including Applications Supported By Blocked Amount ('ASBA') (after technical rejections)
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.100 per Equity Share, was finalized in consultation with the BSE. This category has been over-subscribed to the extent of 2.65 times including spill over of 6991,395 equity shares from the Employee Reservation Portion. 6,023 applications for 2,990,455 Equity Shares were made under the ASBA process aggregating to Rs. 299,045,500. 5,924 applications for 2,951,065 Equity Shares aggregating to Rs. 295,106,500 were found valid and were considered for allocation. The total number of Equity Shares allotted in Retail Individual Bidders category is 95,087,004 Equity Shares to 469,099 applicants. The category-wise details of the Basis of Allocation are as under:

Category No. of
Applications
received
Percentage
of total
Total no. of
Equity Shares
applied
Percentage
of total
No. of Equity
Shares
allocated
Ratio Total No. of
Equity Shares
allocated
65 105,224 18.93 6,839,560 2.72 65 5: 13 2,630,615
130 87,676 15.78 11,397,880 4.53 65 3:4 4,274,205
195 44,459 8.00 8,669,505 3.44 74 FIRM 32,899,66
260 40,849 7.35 10,620,740 4.22 98 FIRM 4,003,202
325 22,575 4.06 7,336,875 2.91 123 FIRM 2,776,725
390 12,228 2.20 4,768,920 1.89 147 FIRM 1,797,516
455 36,266 6.53 16,501,030 6.55 172 FIRM 6,237,752
520 19,788 3.56 10,289,760 4.09 196 FIRM 3,878,448
585 2,820 0.51 1,649,700 0.66 221 FIRM 623,220
650 13,775 2.48 8,953,750 3.56 245 FIRM 3,374,875

Additlonal

1 13:31 5,777
715 1,701 0.31 1,216,215 0.48 270 FIRM 459,270
780 2,018 0.36 1,574,040 0.63 295 FIRM 595,310
845 909 0.16 768,105 0.31 319 FIRM 289,971
910 1,983 0.36 1,804,530 0.72 344 FIRM 682,152
975 163,500 29.42 159,412,500 63.31 368 FIRM 60,168,000

C. Allocation to Non Institutional Investors (after Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs.100 per Equity Share, was finalized in consultation with BSE. This category has been over-subscribed to the extent of 8.24 times. The total number of shares allotted in this category is 2,93,65,203 Equity Shares to 1035 successful applicants. The category-wise details of the Basis of Allocation (sample) are as under:

Category No. of
Applications
received
Percentage
of total
Total no. of
Equity Shares
applied
Percentage
total
No. of Equity
Shares
allocated
Ratio Total No. of
Equity Shares
allocated
1040 114 11.01 118,560 0.05 126 FIRM 14,364
1950 69 6.67 134,550 0.06 237 FIRM 16,353
3055 3 0.29 9,165 0.00 371 FIRM 1,113
4680 1 0.10 4,680 0.00 568 FIRM 568
6500 23 2.22 149,500 0.06 789 FIRM 18,147
10010 16 1.55 160,160 0.07 1,215 FIRM 19,440
20150 1 0.10 20,150 0.01 2,445 FIRM 2,445
50050 5 0.48 250,250 0.10 6,074 FIRM 30,370
65000 2 0.19 130,000 0.05 7,889 FIRM 15,778
100100 2 0.19 200,200 0.08 12,149 FIRM 24,298
.200005 2 0.19 400,010 0.17 24,274 FIRM 48,548
399945 1 0.10 399,945 0.17 48,539 FIRM 48,539
1000025 1 0.10 1,000,025 0.41 121,368 FIRM 121,368
2600000 2 0.19 5,200,000 2.15 315,548 FIRM 631,096
6500000 1 0.10 6,500,000 2.69 788,870 FIRM 788,870
6666660 1 0.10 6,666,660 2.76 809,096 FIRM 809,096
7692100 1 0.10 7,692,100 3.18 933,548 FIRM 933,548
8399950 1 0.10 8,399,950 3.47 1,019,456 FIRM 1,019,456
8875100 1 0.10 8,875,100 3.67 1,077,122 FIRM 1,077,122
9473620 2 0.19 18,947,240 7.83 1,149,762 FIRM 2,299,524
9999990 2 0.19 19,999,980 8.27 1,213,644 FIRM 2,427,288
19650085 1 0.10 19,650,085 8.12 2,384,765 FIRM 2,384,765

D .Allocation to QIBs (excluding the Anchor Investor Portion)
Allocation to QIBs has been done on a proportionate basis in consultation with the BSE. In accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 5% of the Equity Shares under the QIB Portion was allocated only to the Mutual Funds. The balance QIB Portion, being 114,524,308 Equity Shares, was allocated on a proportionate basis to all QIBs including Mutual Funds.

Category Fls/Banks Flls MFs ICs VCs Total
No. of Equity Shares allocated 23,277,487 73,849,138 20,876,638 5,330,606 0 123,333,869

E. Anchor Investors
The Company allocated 52,857,350 Equity Shares to 13 Anchor Investors in consultation with the BRLMs. This represents 30% of the QIB Portion.
The IPO committee of the Company at its Meeting held at Ahmedabad on August 12, 2009 has approved the Basis of Allocation of the Equity Shares of the Issue and has accordingly allotted the Equity Shares to the Bidders. The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to August 14, 2009. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to August 14,2009. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is taking steps to get the equity shares admitted for trading on the BSE and the NSE within seven (7) working days from the date of approval of the basis of allocation i.e., on or before August 21, 2009.

INVESTORS PLEASE NOTE:
This details of the allocation made would be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, serial number of the Bid cum Application form, number of Equity Shares Bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited
Unit: APL: Plot No. 17 to 24, Vitharao Nagar, Hitech City Road,
Madhapur Hyderabad - 500081, Fax: 040-23420814
Email: einward.ris@Karvy.com

TOLL FREE - HELPLINE NUMBER 1-800-3454001

Place : Ahmedabad
Date : August 18, 2009
For Adani Power Limited
Sd/-
Rahul C. Shah
Company Secretary

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF ADANI POWER LIMITED.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

Adani Power IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Adani Power IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Adani Power IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is Adani Power IPO basis of allotment status?

    The Adani Power IPO basis of allotment (published above) tells you how shares are allocated to you in Adani Power IPO and category wise demand of IPO share.

    Visit the Adani Power IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Adani Power IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Adani Power IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).








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