RPower promoter firms sell 5.4% stakes

  • HT Correspondent, Hindustan Times, New Delhi
  • |
  • Updated: Dec 19, 2012 23:35 IST

Anil Ambani-controlled Reliance Infrastructure Ltd, Reliance Innoventures Pvt Ltd and AAA Project Ventures Pvt Ltd on Wednesday announced selling of 5.42% stakes in the founder firm Reliance Power Ltd and raised close to Rs 1,500 crore.

"The OFS (offer for sale) received bids worth around Rs 2,300 crore, and was over-subscribed nearly 1.6 times from a large number of foreign and domestic institutional and other categories of investors," said a company's release. "The transaction was completed at a price of Rs 95 per share on a proportionate allocation method, resulting in gross sales proceeds of approximately Rs 1,500 crore."

The promoters held 80.4% stake in Reliance Power and after the completion of this stake sale their holding has now come to 75%.

The statement further said that pursuant to the OFS, the public shareholding in Reliance Power has increased to 25%, thereby improving liquidity, apart from meeting regulatory requirements.

Axis Capital Limited acted as the sole selling broker for the OFS that was completed through stock exchange deals.

 

also read

Gold rebounds on good buying, global cues

blog comments powered by Disqus