India's LARGEST EVER political poll. Have you participated yet?
  • search

Reliance Petro IPO subscribed 13 times

By Staff
Subscribe to Oneindia News

Mumbai, Apr 18 (UNI) Mukesh Ambani-controlled Reliance Petroleum's IPO of 45 crore shares has been subscribed by 13 times with the company having received bids for nearly 585 crore shares at the close of business hours today.

The price band of the issue, which opened on April 13, was fixed at Rs 57-62 by RPL, a subsidiary of the Reliance Industries (RIL).

Of the 585 crore shares bid worth over Rs 35,000 crore received by the issue managers, the qualified Instutional buyers (QIBs) subscribed 18.2 times, high networth individuals (HNIs) 8.8 times, while retailers accounted for 2.44 times, merchant banking sources said.

Earlier, US energy major Chevron had purchased 5 per cent equity worth over Rs 1,300 crore.

The RPL shares are expected to be listed on the stock exchanges between May 5-10.

Reliance Petroleum' IPO is to partly fund the company's Rs 27,000-crore export-oriented refinery coming up near its existing refinery at Jamnagar in Gujarat.

Slated for completion in 2008, the site of twin-refineries would become the largest refining hub in the world.

UNI GC SA AG2031

For Breaking News from Oneindia
Get instant news updates throughout the day.

X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more