Adani Power closes below its listing price on BSE

Adani Power closed at Rs 100.05, down by 4.95 points or 4.71% on the BSE as compared to opening price of Rs 105.

The counter touched a high and a low of Rs 107.90 and Rs 98.50. At end of its first trading session, 9,64,23,860 shares of the company were traded on the BSE.

On the NSE, the scrip closed at Rs 100.10, down by 52.55 points or 14.20% as compared to its opening price of Rs 370.

The counter touched a high and a low of Rs 110.00 and Rs 98.30, respectively. At end of today’s trading session, 16,43,28,256 shares of the company were traded on the NSE.

Adani Power, which received an overwhelming response for its initial public offer (IPO) which got closed on July 31, was subscribed 21.51 times.

The company mopped up around Rs 3,000 crore through the offer while the IPO price was fixed at Rs 100 per share.

The company, belonging to the Adani Group, plans to utilise the net proceeds of the issue to part fund the construction and development of 1,980 MW Mundra Phase IV Power project and to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.