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Reliance issue subscribed over 50 times

Written by: Staff

New Delhi, Apr 20: The Initial Public Offering (IPO) of Reliance Petroleum Limited (RPL) has been oversubscribed 40 times and is likely to touch the 50 times mark by 2100 hours tonight and has created a world record with the book value of the applications to top Rs 1,50,000 crore.

Exchanges have officially announced extension of the IPO market till 2100 Hrs tonight after the unprecedented demand for RPL shares leading to a huge load on brokers all over the country to punch data into the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) systems.

There has been an overwhelming response to the RPL IPO and even banks across the country have received countless and large recquests for De mat accounts fue to the RPL IPO.

Post de-merger, RIL has given more than Rs 218 returns on opening price of Rs 714 which works out to 30 per cent less than three months and more than 120 per cent on annualised basis.

Market capitalisation of RIL went up Rs 1,28,000 crores and a large rush is expected tomorrow across the country for the RPL issue and SEBI is considering extending time for filing applications tomorrow also.

The IPO, which opened on April 13 and closes on April 20, comprises of 135 crore shares, of which RIL would subscribe to 90 crore shares and the balance offered to the public.

The company has fixed a price band of Rs 57-62 for the public offer.

The total bids received at the cut-off price was for 28.04 crore shares.

RPL, a subsidiary of Reliance Industries, plans to spend Rs 27,000 crore on the new 580,000-barrels-per-day refinery, next to Reliance Industries' 660,000-bpd refinery at Jamnagar in Gujarat.

The 27 million tonnes per annum new refinery project, along with RIL's existing 33 MTPA refinery would make the Jamnagar complex the biggest refining facility in the world.

The IPO got a boost after Chevron Corp. said on Wednesday that it was spending 0 million to buy a 5 percent stake in the company.


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