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Reliance Petroleum's IPO subscribed 47 times

Written by: Staff

Mumbai, Apr 20: Mukesh Ambani-controlled Reliance Petroleum's IPO of 45 crore shares has been subscribed by 47 times at the end of the business hours today, with the company having received bids for nearly 2100 crore shares so far today, the last day of public subscription to the issue.

This resulted into a collection of over Rs 1,30,000 crore, the highest ever subscription so far in India's capital market history.

The previous highest figure of Rs 73,000 crore was recorded in the IPO issue of the Oil and Natural Gas Corporation (ONGC) in 2004.

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 2100 crore shares bid worth over Rs 1.30,000 crore received by the issue managers, the qualified Instutional buyers (QIBs) subscribed 55 times, high networth individuals (HNIs) 16 times, while retailers accounted for 9 times, merchant banking sources said. About 13 lakhs applications were received in retail segment of the issue.

The issue 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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