Indian IPO

All details about Hot Indian Primary Market.

Tuesday, July 17, 2007

Mundra Port to go ahead with IPO plans on SAT reprieve

Backed by Securities Appellate Tribunal (SAT) order, Adani Group is now planning to open the Rs 1,500 crore IPO of Mundra Port and Special Economic Zone (MPSEZL) in the first fortnight of September. The IPO was originally slated to open in end July.

“We think that with today’s interim injunction against the SEBI order, we can go ahead with the MPSEZL initial offer as per the terms and conditions,” a senior official of Adani Enterprises told. Adani Enterprises – formerly Adani Exports – is the promoter of Mundra Port SEZ.

On the expected timing of the issue, he said: “Since August is holiday in larger part of US and Europe, we are now planning to open the issue between September 1 and 15.”

Adani Group has filed the draft red herring prospectus (DRHP) with SEBI in March. However, in its order in May this year, SEBI had barred Adani Group promoters from entering the market for two years.

MPSEZL is the logistics arm of Adani group, and the rest of the businesses are under Adani Enterprises.

Mundra Port is the first company from the SEZ and port sector to hit the capital market. DSP Merrill Lynch, JM Morgan Stanley, SSKI, Enam Financial and SBI Capital Markets as lead managers to the MPSEZL issue.

The proceeds of the issue would be utilised for the further development of the port and SEZ, reports The Hindu Business Line.

0 Comments:

Post a Comment

<< Home