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Indian utility Adani Power Ltd said it had sold 26.9 million shares at 111.50 rupees each to Capital Trade & Private Investment Ltd, ahead of its initial public offering that opens on July 28.

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The shares were allotted to the firm on June 25, Adani Power said in its offer document.

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It also said 9.14 million shares at 81.42 rupees each to 3i Power Investments A1.

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The IPO through a fresh issue of 301.65 million shares will constitute 13.84 percent of the post-issue capital.

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The issue proceeds will be used to partly fund construction of two coal-based power projects of 3,960 megawatts capacity in western India, at a total cost of 182.2 billion rupees.

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It is totally building generation capacity of 6,600 MW.

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DSP Merrill Lynch, Enam, IDFC-SSKI, JM Financial, Kotak Mahindra Capital, Morgan Stanley India, ICICI Securities and SBI Capital are the book-running lead managers to the issue.

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