Reliance Energy IPO to open Jan 15; raise Rs 11,500 cr

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New Delhi, Jan 6 (UNI) Reliance Power today said it will hit the capital market on January 15 to raise an estimated Rs 11,500 crore to fund its future power projects.

The IPO, which will close on January 18, comes with an offering of 228 million equity shares of Rs 10 per share in a price band of Rs 405 to Rs 450 each on a 100 per cent book building basis.

Retail investors would get 30 per cent of the issue and enjoy a Rs 20 discount per share.

''Reliance Power is expected to be listed on the BSE in the first week of February,'' Reliance ADAG Chairman Anil Ambani told reporters here.

Reliance Energy would hold 45 per cent of the equity of Reliance Power post issue and would be the parent company.

It would take up each of the power projects as a special purpose vehicle.

Projects included for funding with the proceeds include the 600 MW Rosa Phase II, 300 MW Butibori plant in Maharashtra, 3,960 MW Sasan project, 1,200 MW Shahapur Coal (Maharashtra) and 400 MW Urthing Sobla (Uttarakhand).

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