Reliance files red herring prospectus for USD 1.1-1.3 bn IPO

Mumbai, Mar 6 (UNI) Reliance Petroleum, a subsidiary of Mukesh Ambani-owned Reliance Industries Limited (RIL), today filed the red herring prospectus with the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offer (IPO) scheduled in April.

''The IPO size will be of US 1.1 billion to 1.3 billion dollars,'' confirmed a RIL official, which translates to roughly Rs 5,000 crore at the current rupee/dollar price ratio.

''The money will be raised to set up an export-oriented refinery, which will be located adjacent to the Jamnagar Refinery,'' he informed.

The total cost of the refinery project is expected to be US six billion dollars or Rs 27,000 crore, he added.

The new facility will have the capacity to refine 5.58 lakh barrels of crude oil annually.

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