Adani Power Ltd  has received SEBI approval for the proposed Rs 5,630-crore IPO.

According to news in Hindu Business Line, company’s IPO proposal received the go-ahead on September 5. The approval is valid for 90 days.

A formal announcement in this regard is expected once APL submits the issue schedules to SEBI in the next couple of days.

Sources, however, say that the company is aiming to open the issue preferably in mid-November. The timing may be advanced depending on the market conditions.

In the draft red herring submitted to SEBI on May 1 this year, APL said that the IPO would part-finance the company’s proposed six coal-based thermal power projects in Gujarat, Maharashtra and Rajasthan totalling 9900 MW at an estimated investment of Rs 43,139 crore.

APL proposed to issue a total of 29.69 crore shares of Rs 10 each accounting for 14.35 per cent of the post-issue paid-up capital. Post-issue, the controlling stake of Adani Enterprises will come down from 86.45 per cent to 74.04 per cent.

The group Chairman, Mr Gautam Adani, said the company is “in an advanced stage of negotiation with the vendors” to firm up the critical power equipment supplies for all other projects within next couple of months.