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The initial public offering of Reliance Power was subscribed 13.85 times on the second day of the issue, according to the NSE website.
Till 5 pm, the public issue size of 22.80 crore shares received bid for 315.87 crore shares. Around 16 crore bids were made at cut-off price.
The company's IPO is priced in the band of Rs 405-450 per share. The issue opened Tuesday and closes Friday.
At the lower end of the price band, the company would raise Rs 10,530 crore and at the higher it would garner Rs 11,700 crore.
The IPO proceeds will be used to part-finance 13 medium-to-large sized power projects. Out of which, 11 projects are to be developed by nine subsidiaries; one is being directly executed by Reliance Power and one project under subsidiary is yet to be transferred.
Retail investors have been offered a discount of Rs 20 per share on the issue price. They also have the option of making part payment on application, wherein they will have to put only Rs 115 per share. The balance will be called upon post allotment.
Rating agency CRISIL has assigned an above average 4/5 rating to IPO and ICRA has assigned IPO Grade 4, indicating above average fundamentals.
Source : economictimes.indiatimes.com |
