The Hindu : Business : Reliance Energy infuses Rs. 1,440 cr.

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Tuesday, Jan 15, 2008
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Reliance Energy infuses Rs. 1,440 cr.

Special Correspondent

NEW DELHI: A day prior to opening of the initial public offer of Reliance Power Limited (RPL), its promoters Anil Dhirubhai Ambani and Reliance Energy Limited have brought in promoters contribution of Rs. 1,440 crore at Rs. 450 per share.

According to a company release, the subscription price for these shares has been determined at the upper end of the price band of Rs. 405-450 per share.

Largest offering

The issue opens for public subscription on January 15 and will close on January 18. The IPO, the country’s largest offering so far, is expected to raise Rs. 10,700-11,700 crore with a net issue to the public of 228 million shares. The IPO has already being rated 4/5 by rating agencies CRISIL and ICRA, indicating above average fundamentals.

Retail investors have been offered a discount of Rs. 20 per share, which implies their net cost of subscription will be Rs. 430 per share, if they choose to bid at Rs. 450 per share. Retail investors also have the option of making part payment of the application monies, wherein they will have to put in only Rs. 115 per share upon application. The balance will be called upon, post the allotment of partly paid shares. With a combined planned installed capacity of 28,200 MW, Reliance Power has one of the largest portfolios of power generation assets under development in India.

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