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Reliance Power issue price fixed at Rs 450
New Delhi, January 19, 2008
Anil Ambani controlled Reliance Power, which received a
tremendous response for its initial public offer, has fixed
the issue price at Rs 450 per share, but it will be offered at
Rs 430 to retail investors, a discount of Rs 20.
"The company's board has fixed the issue price at top-end at
Rs 450 per share for the Reliance Power issue and for retail
investors at Rs 430 per share," Reliance Power Chairman Anil
Ambani told reporters in Mumbai on Saturday.
Following the IPO, the largest ever in the country, ADAG Group
has become the second largest corporate house in the country
with market cap touching USD 100 billion, Ambani said.
A record Rs 1,15,000 crore (USD 29 billion) of capital has
been deposited in the banking system as application money,
Ambani said.
The IPO closed on 18th January.
As many as four crore forms were distributed, the IPO received
record subscription of Rs 7,50,000 crore (USD 190 billion),
which is largest ever subscription in an IPO in the history of
the global capital markets.
Reliance Power IPO sees FII demand over $100 bn
Anil Ambani Group firm Reliance Power has made history with
its IPO attracting bids for shares worth over Rs 7.5 lakh
crore, in which more than half of the demand came from foreign
institutional investors.
The portion reserved for FIIs received bids for shares worth
over Rs 4,00,000 crore (about 100 billion dollar).
Overall, the issue has been subscribed over 73 times receiving
bids for 1,665 crore shares against the 22.8 crore shares on
offer, driven by strong response from FIIs and retail
investors.
The portion reserved for the Qualified Institutional Buyers
category, which includes the FIIs, mutual funds and domestic
financial institutions, was subscribed by over 82 times.
The portion reserved for non-institutional investors has
received subscriptions of about 190 times.
The category includes all corporates, individuals other than
the retail investors.
The IPO has attracted a demand worth over Rs 1.94 lakh crore
from the Non-institutional investors.
The retail investors have also applied for shares over 14
times the shares reserved for them.
The IPO received a demand worth Rs 45,774 crore from the
retail investors.
The company had offered the equity shares at a price band of
Rs 405-450 per share.
The issue, which opened on 15th January, closed on Friday.
The total size of the IPO is 26 crore equity shares, including
the promoters contribution of 3.2 crore shares.
The net issue to the public constitutes 22.8 crore shares.
Reliance Power has a diversified portfolio of 13 medium and
large-sized power projects under development located at
various places across India.
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