Adani files DRHP for Rs 5,000 cr public issue

It took less than a week for the Gujarat-based Adani Group to initiate the process for a public issue to raise an estimated Rs 5,000 crore after a trading ban on promoter Gautam Adani was lifted in the Ketan Parekh stock scam case on payment of consent fees. The Group filed a draft prospectus for a public issue for its power company, Adani Power Ltd (APL), on April 30, within a week after the Securities Appellate Tribunal (SAT), the appellate authority, approved the consent term in relation to a two-year ban imposed by market regulator Sebi on Adani for involvement in the stock scam. The Adani Group companies paid more than Rs 17 lakh as the consent fees and other charges, the Draft Red Herring Prospectus (DRHP) said, adding that SAT has also by its order dated April 24, 2008, approved the consent terms and disposed of the cases.