|
|
|
Reliance Power set for February listing
|
|
Friday, January 4, 2008 |
Reliance Power plans to raise as much as Rs11,700 crore through an initial public offering (IPO)
Archana Chaudhary and M.C. Govardhana Rangan/ Bloomberg
Mumbai: Reliance Power Ltd, a generating unit of India’s second largest electricity producer by market value, will begin trading in the first week of February following its initial share sale in India, said Anil Ambani the chairperson of Anil Dhirubhai Ambani Group.
Reliance Power plans to raise as much as Rs11,700 crore through an initial public offering (IPO), Uday Kotak of Kotak Mahindra Capital Co. said at a press briefing in Mumbai on Friday. The company will sell 260 million shares at Rs405-450 per unit, Kotak said. Retail investors will get a Rs20 discount in the sale, which will run from 15-18 January, he added.
Parent Reliance Energy Ltd. quadrupled in value last year and was the best performing stock on India’s benchmark index, as the government plans to invest $200 billion (Rs7.9 trillion) in generation and distribution in seven years to sustain record economic growth. Reliance Power also will seek overseas partners who can help provide the necessary equipment.
It also plans to hire 5,000 people, Ambani said. Shares won’t be sold in a pre-IPO placement, he added.
On Friday, Ambani exuded confidence for a “win-win” solution for both the groups headed by him and elder brother Mukesh in the ongoing dispute over supply of gas.
Ambani said the row would not impact the financial closure of the group’s planned gas-based power projects because it has been approached by many producers for long-term supply deals.
“I firmly believe that India will be a gas-long market,” he said. “A lot of gas companies have approached us.”
Reliance Power, a 51% subsidiary of Reliance Energy, has lined up 13 projects, of which 40% would be run on gas. “
There is absolutely no challenge for achieving financial closure of our power projects. Financial closure is equally important for a gas producer or a power project. We have access to a very large amount of capital,” he said, denying to comment further on the Reliance Natural Resources Ltd- Reliance Industries Ltd row.
In October, the Bombay high court asked both groups to rework the gas supply master agreement within four months.
PTI contributed to this story.
feedback@livemint.com
Source : http://www.livemint.comLabels: Archana Chaudhary and M.C. Govardhana Ranga, biggest ever IPO in India, Reliance Power set for February listing |
|
posted by Unknown @ 10:24 PM  |
|
|
|
|
Reliance Power IPO opens Jan 15 - closes on Jan 18.Reliance Power will give the retail investors a five per cent price discount in its forthcoming IPO
|
|
Wednesday, January 2, 2008 |
Reliance Power IPO opens Jan 15 and closes on Jan 18.Reliance Power will give the retail investors a five per cent price discount in its forthcoming IPO, through which the company will raise up to Rs 11,700 crore.
Based on the upper limit of the price band, the company would raise Rs 11,700 crore with the sale of 26 crore shares in the public offer.
This would be the biggest ever IPO in India, surpassing the public issue of realty giant DLF that raised about Rs 9,000 crore last year.
This is believed to be the first to offer a discount in the IPO price for retail investors. Rating agency Crisil assigned an above average 4-on-5 rating to the proposed initial public offer of Reliance Power.Labels: biggest ever IPO in India, Rating agency Crisil, Reliance, Reliance Power IPO, Reliance Power IPO Allotment status, Reliance Power IPO opens Jan 15 and closes on Jan 18, Reliance Power Limited IPO |
|
posted by Unknown @ 7:57 AM |
|
|
|
|
|
