Reliance Power IPO subscribed 9.4 times by noon

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Mumbai, Jan 15 (UNI) The Reliance Power IPO, which opened for subscription today, was subscribed 9.4 times with maximum number of bids at Rs 450 per share -- the higher end of the Rs 405-450 band.

Over Rs 83,000 crore worth of bids were received till noon, according to a leading BSE broker.

The issue received bids for 1.84 billion shares as against 26 crore shares on offer. The qualified institutional investors' portion was subscribed 15 times with bids worth USD 24.5 billion (Rs 96,000 crore).

Reliance Power, an ADAG group company, is offering 26 crore equity shares through this issue in the price band of Rs 405-450 per share to raise Rs 10530-11700 crore (USD 2.67-2.97 billion).

The net issue to the public is 22.8 crore shares to raise between Rs 9234-10260 crore. The promoters have pumped in Rs 1440 crore at Rs 450 per share as against 3.2 crore shares.

The issue will close on January 18. The net issue would constitute 10.1 per cent of post-issue paid-up capital of the company. Shares outstanding, post-issue, would be 226 crore, while the market capitalisation of the company would be Rs 91530 crore to Rs 101700 crore (USD 23.23 to 25.8 billion), a leading broker said.

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