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.
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