Adani Power, a part of Gautam Adani-led business conglomerate, is all set to sell 337.7 million shares through Initial Public Offer (IPO) with the Indian firm approaching the market regulator SEBI for approval of its plans.

The company is encouraged by recent improvement in stock market conditions in the midst of global financial crisis which plunged the stock market earlier before few months.

The firm is planning to sell each share, carrying face value of Rs 10, in a bid to raise more than Rs 2,000 crore to fund its various projects including Mundra IV in Gujarat and Tiroda in Maharashtra.

The firm is developing four thermal power projects with a capacity of 6,600 megawatts and other two plants with capacity of 3,300 megawatts would be soon operational after completing the fund requirements.

The ongoing global financial crisis derailed a number of IPO plans by leading Indian firms under uncertain stock market conditions due to low confidence of investors. IPOs raised just $4.9 million for the first quarter of 2009 while Reliance Power raised $2.9 billion in 2008 in the largest ever IPO by any Indian firm.