Anil Ambani brings in Rs 1440 cr in Reliance Power IPO

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Anil Ambani brings in Rs 1440 cr in Reliance Power IPO

One day prior to the opening of the Reliance Power initial public offer (IPO), its promoters Anil Dhirubhai Ambani and Reliance Energy Limited have brought in their (promoters) contribution of Rs 1,440 crore at Rs 450 per share.

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One day prior to the opening of the Reliance Power initial public offer (IPO), its promoters Anil Dhirubhai Ambani and Reliance Energy Limited have brought in their (promoters) contribution of Rs 1,440 crore at Rs 450 per share.

The subscription price for these shares has been determined at the upper end of the price band of Rs 405-450 per share. The issue opens for public subscription tomorrow (January 15), and will close on January 18.

• Anil Ambani brings in Rs 1440 crore at Rs 450 per share
• The IPO opens tomorrow
• Rs 20 discount for retail investors
• Retail investors have option to pay only Rs 115 per share on application

The Reliance Power IPO, the country's largest IPO so far, is expected to raise an amount in the range of Rs 10,700 crore-11,700 crore, with a net issue to the public of 228 million shares. The total issue size is of 260 million shares, including the promoters' contribution of 32 million shares.

The Reliance Power issue has already being rated 4/5 by rating agencies CRISIL and ICRA, indicating above average fundamentals.

Retail investors have been offered a discount of Rs 20 per share, which implies their net cost of subscription will be Rs 430 per share, if they choose to bid at Rs 450 per share. Retail investors also have the option of making part payment of the application monies, wherein they will have to put in only Rs 115 per share upon application. The balance will be called upon, post the allotment of partly paid shares.

With a combined planned installed capacity of 28,200 MW, Reliance Power has one of the largest portfolios of power generation assets under development in India

Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited, ABN AMRO Securities (India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited and J.P. Morgan India Private Limited are acting as the Book Running Lead Managers to the Issue whilst Macquarie India Advisory Services Private Limited and SBI Capital Markets Limited are acting as Co-Book Running Lead Managers. Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the Company whilst Cleary Gottlieb Steen & Hamilton and J. Sagar and Associates are advising the BRLMs and CBRLMs in relation to the issue.