RPL IPO retail investors need to pay Rs 16 per share on application

Rajkot, Apr 12 (UNI) Retail investors in India will have an option of paying only Rs 16 per share on application for the forthcoming Intital Public Offer (RPL) of Reliance Petroleum Limited (RPL), instead of price band of Rs 57-62 fixed for the public.

Addressing mediapersons here today, RPL vice president (marketing incharge) Ashok Dhar said that retail investors can apply for a minimum 100 shares and a maximum of 1,600 shares.

In all, there are 135 crore equity shares of Rs 10 each. The net size of the IPO available to the public is 45 crore shares. The issue will open for subscription tomorrow and will close on April 20.

The issue is being made to part finance the Rs 27,000 crore export-oriented refinery being set up in a Special Economic Zone (SEZ) at Jamnagar, Gujarat.

Speaking on the occasion, Mr. V K Gandhi, head of the project and chartered accountant of the RPL, said the export-oriented refinery will have a capacity to process 580,000 barrels per stream days making it the sixth largest refinery in the world.

As a part of this project, RPL is also setting up a 900,000 tonne per annum polyproplene plant. The project is likely to go on stream by December 2008, Mr Gandhi said.

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