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Reliance Petroleum fixes Rs 60 as issue price

By fixing Rs 60 as the issue price, RPL would raise Rs 2,700 crore from the offering to the public.

india Updated: Apr 24, 2006 17:17 IST

Reliance Petroleum on Monday fixed Rs 60 as the issue price for its maiden IPO, which offered 45 crore equity shares to the public.

By fixing Rs 60 as the issue price, RPL would raise Rs 2,700 crore from the offering to the public, besides Rs 5,400 crore from Reliance Industries, which subscribed to 90 crore shares. It had earlier kept the price band at Rs 57-62.

The IPO, which opened on April 13 and closed on April 20, comprised 135 crore shares, of which RIL subscribed to 90 crore shares and the balance offered to the public.

Reliance Petroleum had in early April raised Rs 2,700 crore through its pre-IPO placement of 45 crore shares of the total 180 crore shares that were to be offered.

The placement made to foreign institutional investors, financial institutions and banks was also at Rs 60 a share.

The Rs 10,800 crore raised both through private placement and the public offer would be used to part fund the company's Rs 27,000 crore greenfield refinery at Jamnagar in Gujarat.

The new refinery, which would have a 580,000-barrels-per-day capacity, would be located adjacent to Reliance Industries' existing 660,000-bpd refinery.

US energy giant Chevron had picked up five per cent stake in RPL for $300 million, with option to increase it up to 29 per cent.

The new refinery project, along with RIL's existing 33 MTPA refinery would make the Jamnagar complex the biggest refining facility in the world.