RPower promoter firms sell 5.4% stakes | business | Hindustan Times
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RPower promoter firms sell 5.4% stakes

business Updated: Dec 19, 2012 23:35 IST
HT Correspondent

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.