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Reliance Power issue subscribed 14 times over

business Updated: Jan 16, 2008 20:56 IST

IANS
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Notwithstanding a crash on Indian equities markers, the mega public issue of Anil Dhirubhai Ambani-led Reliance Power continued to evoke a major response, resulting in a subscription of 13.92 times over as on Wednesday.

The issue opened Tuesday at an offered price band of Rs.405-450 per share with a share of Rs.10 face value. Thirty percent of the 228 million shares on offer are reserved for retail investors at a discount of 5 percent.

The issue closes Jan 18.

Unmindful of a drop of 382.98 points, or 1.89 percent, in the 30-share sensitive index (Sensex) of the Bombay Stock Exchange, institutional and retail investors applied for 3.175 billion shares against the 228 million on offer.

Ambani and associates had already bought the promoters' stake of 32 million shares at Rs.450 per share on the opening day.

Reliance Power proposes to use the funds to build power generation units across the nation. Company officials said projects worth 28,000 MW are in the pipeline that makes it the largest portfolio of projects for a single company.