Successful IPO of Adani Power

RNS Number : 8192W

3i Infrastructure PLC

04 August 2009

 



4 August 2009

Successful IPO of Adani Power

3i Infrastructure plc ('3i Infrastructure') notes that Adani Power Private Limited ('Adani Power'), an asset held within the 3i India Infrastructure Fund ('3i IIF' or the 'Fund'), has closed its Initial Public Offering ('IPO'). 

In total, 301.4 million new shares, representing 13.84% of the company's enlarged share capital, were issued at 100 Indian Rupees per share. 

The IPO successfully raised US$625 million of new capital, which will be retained by the company to finance its development pipeline of power generation projects. As such, the IPO achieves an important milestone in the delivery of the company's planned investment programme.

3i Infrastructure has a 20.9% holding in 3i IIF with a March 31 2009 value of £90.3 million. The Fund also holds investments in Soma Enterprise Limited, an infrastructure engineering and construction business, and Krishnapatnam Port Company Limited, a natural, deep water, all-weather port. 

The IPO valuation of Adani Power was consistent with the Fund's March 2009 valuation, before dilution for new shares.  The valuation of 3i Infrastructure's holding in 3i IIF will be updated in line with the Fund's valuation at 30 September 2009, taking into account currency and mark-to-market adjustments. 

Trading in Adani Power shares is expected to begin on 20 August 2009. 

3i IIF is subject to a lock-up that restricts its ability to sell its shares in Adani Power for 12 months following the IPO.  

Ends

For information please contact:

Peter Sedgwick	Chairman, 3i Infrastructure plc	[phone]
Silvia Santoro	Investor enquiries, 3i Investments plc	[phone]
Jennifer Letki	Press enquiries, 3i Investments plc	[phone]

3i Infrastructure is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company listed on the London Stock Exchange on 13 March 2007 and is a constituent of the FTSE 250 index.

3i Investments plc (authorised and regulated in the UK by the Financial Services Authority), a wholly-owned subsidiary of 3i Group plc, acts as Investment Adviser to 3i Infrastructure. 

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or an exemption from registration under the Securities Act. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc, the 3i India Infrastructure Fund and management, as applicable, as well as financial statements. No public offering in the United States is currently contemplated.

 

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