Reliance Power IPO refunds begins from Feb 01: Sources
NI Wire
New Delhi
Thu, 31 Jan 2008:
Anil Dhirubahi Ambani group (ADAG) is likely to refund the excess money of Reliance Power IPO from February 1, as the working of share allocation may likely to complete today as per market sources assumes.
The market sources has spread the notion that 4.3 million investors out of 5.0 million will get only 15PO shares each who has applied for more than 225 shares.
No share would be allotted to those who have applied less then 225 shares.
As much as 4 lakh investors come in this category while nearby 3 lakh applications have been disqualified. On the other hand, Anil Ambai, the chairman of Reliance Power ltd and ADAG, on the closing of IPO had earlier announced, “We’ll try to allocate Reliance Power IPO to each applicant.”
The surplus amount is likely to refund from February 01, 2008 to all who would get only 15 shares and who wont get any shares along with disqualified applicants.
Reliance IPO was closed with record 73 times over subscriptions in which Qualified Institutional Bidders (QIBs) subscribed 83 times, Non-Institutional investors 190 times while retailers nearly 15 times.
Reliance has released 22.8 crore equity shares as Reliance Power IPO with face value of Rs 10 each at a price band of Rs 405-450 and had got excellent response by getting 7.5 lakh crore bids as against 22.8 crore.
Soon, Reliance will attach with Indian bourses with maximum subscription in the Indian stock market history comprising 43 lakh investors. It will attach in the market with upper price band of Rs.405-450 while it had offered Rs. 20 subsidy to retail investors.
Reliance Power is currently developing 13 medium and large power projects constitutes a cumulative capacity of 28,200 megawatts which is likely to complete nearby April 2014 and generation begin soon after that. It is the first company, which will be originally created by Anil Ambani. Reliance is also eyeing to enter in to wind energy and atomic power sector, as official sources says.