Reliance Petro IPO subscribed 31 times till mid-day

Mumbai, Apr 20 (UNI) Mukesh Ambani-controlled Reliance Petroleum's IPO of 45 crore shares has been subscribed by 31 times by today afternoon with the company having received bids for nearly 1,154 crore shares so far.

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 1,154 crore shares bid worth over Rs 80,000 crore received by the issue managers, the qualified Instutional buyers (QIBs) subscribed 38 times, high networth individuals (HNIs) 12 times, while retailers accounted for 7 times, merchant banking sources said.

The isssue is a part of fund raising programme of the company to finance Rs 27,000 crore green-field refinery project with an annual capacity of 29 million tonnes of fuels in equity collaboration with energy giant Chevron Corporation of USA. Recently, 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.

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

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