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Kolkata, Sept. 5 The Adani Group is expecting to come out with the Rs 1,500-crore Mundra Port and Special Economic Zone Ltd (MPSEZL) initial public offering in October.

The group is not planning any revision in the proposed issue due to the recent uncertainties in the equity market.

“We are expecting SEBI to give its observations on the draft red herring prospectus (DRHP) within a week. If our expectation comes true the issue will open in October,” a senior company official said.

It may be mentioned that the Adani group had approached SEBI with the MPSEZL issue proposal in March this year. It was the first such proposal from infrastructure sector.

However, in its order in May, SEBI barred group promoters from entering the market for two years. In July, SAT issued an interim injunction on the SEBI order. MPSEZL is the logistics arm of Adani group.

DSP Merrill Lynch, JM Morgan Stanley, SSKI, Enam Financial and SBI Capital Markets are the lead managers to the issue.

(This article was published in the Business Line print edition dated September 6, 2007)
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