Reliance Power IPO to mop up Rs 10,500-11,500 cr; opens Jan 15

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New Delhi, Jan 2 (UNI) Anil Ambani-promoted Reliance Power Ltd will hit the stock market on January 15 to raise about Rs 10,500-11,500 crore in order to fund its power plants being set up across the country.

The firm, in which Reliance Energy has a 50 per cent stake, today received the final approval from the Securities and Exchange Board of India (SEBI) for issuing 260 million shares. The price band of the issue is likely to be Rs 405-450, sources said.

The country's biggest IPO will close on January 18.

Anil Dhirubhai Ambani Group (ADAG), which controls Reliance Energy, has said the IPO entails a sale of 10.1 per cent stake.

The IPO is managed by UBS, ABN AMRO, JPMorgan, Deutsche Bank, Enam Securities, ICICI Securities, JM Financial and Kotak Mahindra Capital, while Macquarie and SBI Capital Markets are co-managers.

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