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.