India's Adani Power eyes $500-$600 mln IPO-sources

MUMBAI, July 15 (Reuters) - Indian utility Adani Power is likely to raise $500 million to $600 million in an initial public offer that opens on July 28, three sources close to the development said on Wednesday.

The company, which is building four projects with a combined capacity of 6,600 megawatts, said in a statement it was offering 301.65 million shares, or 13.84 percent of the post-issue capital.

Pricing will be decided after a bookbuilding process, the company said. Eight million shares will be reserved for its employees and the sale closes on July 31, it said.

The offering is the second major Indian IPO after Mahindra Holidays & Resorts India Ltd raised 2.8 billion rupees ($57 million) in a sale in June after at least a year.

Adani Power, which is building the projects in the western states of Gujarat and Maharashtra, is founded by diversified Adani Enterprises (ADEL.BO).

Group company Mundra Port & Special Economic Zone Ltd (MPSE.BO) is building cargo and coal terminals and developing trade zones in Gujarat. ($1= 48.7 rupees) (Reporting by Ami Shah and Narayanan Somasundaram; Editing by Ranjit Gangadharan)