ADANI

POWER

LIMITED
 IPO NOTE
PF / IPON / 21072009 / 565

21 July 2009

Snapshot of the Public Offer About the Issuer

Highlights
Issue Type
Issuer
Public issue of 30,16,52,031 equity shares
(Issue will constitute 13.84% of fully diluted equity share capital)
Face value of equity shares is Rs.10 per share
Price Band
Issue Size
Issue is open
Minimum Bid Lot
Size
Concerned Entities
Global Co-ordinator &
Book Running Lead
Manager to the issue is
Book Running Lead
Managers to the issue
are
Registrar to the Issue
is
Issue is to be listed on
IPO Grading done by
IPO Grading
Allotment Basis
100% Book Built Issue
Adani Power Limited
To be announced
To be announced
From July 28 to July 31, 2009
To be announced
DSP Merrill Lynch Limited
Enam Securities Private Limited
IDFC – SSKI Limited
JM Financial Consultants Limited
Kotak Mahindra Capital Company
Limited
Morgan Stanley India Company
Private Limited
ICICI Securities Limited
SBI Capital Markets Limited
KARVY Computershare Private
Limited
NSE & BSE. BSE is the Designated
Stock Exchange
ICRA Limited
‘IPO Grade 3’ indicating ‘average
fundamentals issue’
Brief Introduction
Adani Power Limited is a power project development
company, which is developing, and will operate and
maintain, power projects in India. The company has
four thermal power projects under various stages of
development, with a combined installed capacity of
6,600 MW. In addition, it is also planning to develop
two power projects with a combined installed capacity
of 3,300 MW. The company intends to sell the power
generated from these projects under a combination of
long-term power purchase agreements to industrial and
state-owned consumers and on merchant basis.
The company is a part of the Adani Group which is a
leading business group in India.
The company was incorporated in August 1996 and
received a certificate of commencement of business in
September 1996. The company converted into a private
limited company in June 2002, but finally converted
back into a public limited company in April 2007 under
the present name.
Subsidiary companies
 Adani Power Maharashtra Limited
 Adani Power Dahej Limited
 Adani Power (Overseas) Limited
 Adani Power Rajasthan Limited
 Mundra Power SEZ Limited
Promoters
Individual promoters: Mr. Gautam S. Adani and
Mr. Rajesh S. Adani
Corporate promoters: Adani Enterprises Limited
Shareholding Pattern

Eligible Employees 80,00,000 equity shares

Not less than 8,80,95,609 equity
Retail Investors shares or 30% of Issue on
proportionate basis
Not less than 2,93,65,203 equity
Non-Institutional
shares or 10% of Issue on
Investors Reduced by 13.83%
proportionate basis
Qualified At least 17,61,91,219 equity
Institutional Buyers shares or 60% of the Issue

Contact details of the Issuer

Registered Office of the company is:
Shikhar, Near Adani House, Mithakhali Six Roads, Navrangpura,
Ahmedabad 380 009, Gujarat, India
Tel: (9179) 2656 5555 Fax: (9179) 2656 5500
Website: www.adanipower.com Email: ipo@adanipower.com
Company Secretary & Compliance Officer: Mr. Rahul C. Shah
Corporate Identification Number: U40100GJ1996PLC030533

Call us at 1800 425 8282 Adani Power Limited 2

 IPO NOTE
PF / IPON / 21072009 / 565

21 July 2009

Overview of Business
Business of the Issuer
Adani Power Limited is a part of the Adani Group which is a leading business group in India. Adani Enterprise Limited (AEL),
the promoter company, is also the flagship company of the Adani Group.
The company believes that AEL was one of the largest traders of coal in India for the three years period ended March 31,
2008, with coal mining rights both in the international and domestic markets. According to Central Electricity Regulatory
Commission, for the three years period ended March 31, 2008, AEL was one of the largest power traders, by volume, in
India. With the commissioning of the power projects of the company, the Adani Group will be vertically integrated in power
sector value chain through presence in related activities such as coal mining, coal trading, shipping, power generation,
power transmission and power trading.

The Power Projects

The company currently has four thermal power projects under various stages of development:
 Mundra Phase I and II Power Project which will have four sub-critical generation units of 330 MW each, with
combined capacity of 1,320 MW. The company expects the first 330 MW unit of Mundra Phase I and II Power Project to
be commissioned by July 2009 and the power project to be fully commissioned by February 2010.
 Mundra Phase III Power Project will have two super-critical generation units of 660 MW each, with combined
capacity of 1,320 MW. The company currently expects that the first 660 MW unit of Mundra Phase III Power Project will
be commissioned by January 2011 and that the power project will be fully commissioned by June 2011.
 Mundra Phase IV Power Project will have three super-critical generation units of 660 MW each, with combined
capacity of 1,980 MW. The company currently expects that the first 660 MW unit of Mundra Phase IV Power Project will
be commissioned by August 2011 and that the power project will be fully commissioned by April 2012.
 Tiroda Power Project will have three super-critical generation units of 660 MW each, with combined capacity of 1,980
MW. The company currently expects that the first 660 MW unit of Tiroda Power Project will be commissioned by July
2011 and that the power project will be fully commissioned by April 2012. One of the company's subsidiaries, Adani
Power Maharashtra Limited, is developing the Tiroda Power Project.

The company is also planning to develop two thermal power projects at Dahej and Kawai with a combined installed capacity
of 3,300 MW.

Another Adani Group company, Mundra Port and Special Economic Zone Limited, owns and operates one of the largest
private sector commercial ports in India, a Special Economic Zone at Mundra and a railway line between Mundra and Adipur
leading to strong synergies with the company's projects being set up in close vicinity.

Competitive Strengths
Company believes that it is well positioned to benefit from the growth opportunities in the Indian power sector due to the
following competitive strengths: 1. Company expects to benefit from the strong linkages of the Adani Group in the power
sector through presence in coal mining, coal trading, shipping and power trading. 2. Company has secured supply of fuel
for many of its power projects. 3. Power projects of the company enjoy locational advantages in terms of easy access to
fuel, water and proximity to power deficit areas. 4. Company expects to benefit from SEZ co-developer status and the
Mega Power Project status related tax and other benefits. 5. Company has entered into long-term power off-take
arrangements for its Mundra and Tiroda power projects. 6. Company has an experienced management team with a track
record of project execution.

Objective of the Public Issue

Adani Power Limited intends to utilize the proceeds of the public issue of its equity shares for:
Cost Financed through
S. No. Objective
Public Issue (in Rs. Crore)
To part finance the construction and development of Mundra Phase IV Power
1 1,153.00
Project for 1,980 MW
To fund the equity contribution in its subsidiary Adani Power Maharashtra
2 Limited to part finance the construction and development cost of power project 1,040.00
for 1,980 MW at Tiroda, Maharashtra
3 General corporate purpose Not calculated

Means of Finance: Company plans to finance the above objectives in the following manner:
S. No. Particulars Amount (in Rs. Crore)
1 Funding through existing equity 462.60
2 Funding through third party debt 13,968.00
3 Proceeds from the public issue of equity share Not calculated

Call us at 1800 425 8282 Adani Power Limited 3

 IPO NOTE
PF / IPON / 21072009 / 565

21 July 2009

Capital Structure of the Issuer

Particulars of the Capital Nominal Value @ Rs.10 / share
Authorized equity share capital: 2,50,00,00,000 shares 25,00,00,00,000
Equity share capital before Issue: 1,87,83,83,169 shares 18,78,38,31,690
Present Issue: 30,16,52,031 shares 3,01,65,20,310
Equity Capital after Issue: 2,18,00,35,200 shares 21,80,03,52,000
The Share Premium Account
Particulars Value (in Rs. Crore)
Premium amount before the issue 792.21
Premium amount after the issue Not Calculated

Board of Directors
Mr. Gautam S. Adani, Chairman Mr. Vijay Ranchan, Independent Director
Mr. Rajesh S. Adani, Managing Director Mr. Surendra Kumar Tuteja, Independent Director
Mr. R. K. Gupta, Whole Time Director Mr. B. B. Tandon, Independent Director
Mr. Ameet H. Desai, Non Independant Director Mr. Chinubhai R. Shah, Independent Director

Business Strategy
The company intends to pursue the following principal strategies:

1. Capitalize on the growth of the Indian power generation sector.

2. Realize the opportunities presented by power sector reforms and benefits extended by the Government of India.
3. Benefit from the power scenario in Western India.
4. Secure fuel supply.
5. Further integrate its power generation business with the installation of transmission lines.
6. Optimize operational efficiency.
7. Engage in an optimal mix of off-take arrangements with state-owned and industrial consumers.

Key Financials
Business performance (stand alone) figures of Adani Power Limited are (in Rs. Crore):
For the year ended March 31st:
Particulars
2009* 2009 2008* 2008 2007 2006 2005 2004
Total Income - - - - - - - -
Total Expenditure** 2.78 1.87 7.18 1.47 2.28 - - -
Net Profit / (Loss) after Tax (2.57) (1.87) (7.18) (1.47) (2.28) - - -
Fixed Assets 6,921.32 6,572.88 2459.54 2,403.03 602.91 12.31 0.93 0.93
Investments - 272.14 53.24 83.23 - - - -
Current Assets. Loans &
974.90 968.36 368.34 366.86 50.73 1.34 0.01 0.01
Advances
Total Assets 7,896.22 7,813.38 2,881.12 2,853.12 653.64 13.65 0.94 0.94
Total Liabilities & Provisions 5,551.64 5,535.00 1,447.24 1,420.83 375.24 2.86 - -
Net Worth 2,344.58 2,278.34 1,433.88 1,432.29 278.40 10.79 0.94 0.94
* Figures are on a consolidated basis ** Total Expenditure mainly constitutes of Administrative & General Expenses

IMPORTANT: Please read the Red Herring Prospectus of this issue carefully before investing in the same.

Report prepared by Atul Stanley Hermit – atul.hermit@karvy.com, Phone No. 040 - 23312454 Extension – 304 & 18220

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Call us at 1800 425 8282 Adani Power Limited 4