Reliance Petro IPO subscribed 20 times

Mumbai, Apr 19 (UNI) Mukesh Ambani-controlled Reliance Petroleum's IPO of 45 crore shares has been subscribed by 20 times with the company having received bids for nearly 920 crore shares at the close of business hours today.

The authorities today extended the bidding timing beyond the business today upto 2100 hrs following huge demands for the shares by the investors who lined at the receiving centres of the application forms.

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 920 crore shares bid worth over Rs 55,000 crore received by the issue managers. The separate figures for the qualified instutional buyers (QIBs) and high networth individuals (HNIs) are yet to be compiled by Merchant Bankers till 1800 hrs today.

However, till 1500 hrs, QIBs subscriptions were 23 times, HNIs 10 times and retail segment over 3 times.

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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