Published on Fri, Jul 17, 2009 at 21:11 | Source : CNBC-TV18
Updated at Mon, Jul 20, 2009 at 13:26
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Adani Power to deliver 9900 MW by 2012-13
Adani Power will get listed in a few weeks. Gautam Adani of Adani Group is confident of delivering 6,600 MW by 2012. He sees the balance 3,300 MW getting commissioned by 2012-13. Amit Desai, Director, Adani Power, said the firm has been able to tie-up 75% debt for the initial 6,600 MW which is under construction.
Q: So, on 6,600 price per megawatt works out to what, roughly Rs 3.50?
Desai: It will be about Rs 3 crore if we go to Rs 20,000 crore.
Q: How is that comparable to other power producers that you have identified or spotted?
Desai: I think they are almost in that range. Some of them are a little more expensive and some are slightly less.
Q: So, in 10 day's time, take us through what your expectation is for the issue? Who would you like in as an anchor investor first and at what price do you think the issue should be done? Rs 110, 100, 90 leaving something more on the table?
Adani: The price would be decided based on the market situation.
Q: You'll have the final say though?
Adani: Yes, but ultimately it will be decided in consultation with merchant bankers. I think two or three days before the issue opens, we will decide the price. But it will be in the range of Rs 100, plus or minus Rs 10 here and there.
Q: That Rs 10 would you choose to leave for the investor or would you want to capture it?
Adani: For initial investment, we always put that on the table for new coming investors.
Q: So, even if the book gets done at Rs 110, would you consider doing it at Rs 100?
Adani: Of course this requires consultation with merchant bankers. But ultimately we will not make a high price in such a manner that first investor is not making money.
