Business Daily from THE HINDU group of publications
Sunday, Sep 30, 2007
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Business Daily from THE HINDU group of publications Sunday, Sep 30, 2007 ePaper |
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Power Markets - IPOs
Our Bureau Mumbai, Sept 29 Reliance Energy has scheduled a board meeting for Sunday, amidst talk in the stock market and banking circles that it proposes to raise funds through a public issue of shares. A spokesperson for the company said that the board will be considering “opportunities for growth” and for “unlocking shareholder value.” The fund raising proposal – most likely an initial public offer of shares – is likely to be made for Reliance Power, a subsidiary of Reliance Energy. Reliance Power has bid for and won the 4000-megawatt Sasan ultra mega power project, and will need funds of between Rs 16,000 crore and Rs 20,000 crore over a period of time, said analysts. A public issue for such a purpose could be looking at raising any amount up to Rs 12,000 crore, they said. Reliance Energy needs funds not just for the Sasan project. The Chairman, Mr Anil Ambani, had, at the company’s AGM this year, talked about establishing 15,000 MW of power over the next five years. Agency reports quoting unnamed banking officials, said that Reliance Energy has mandated a clutch of investment banks to raise funds on their behalf. Reliance Energy has been right at the forefront of stock market gainers not only during the rally of the past seven days but also through the year as a whole. On Friday, its stock gained Rs 88.25 (or 7.9 per cent) on the BSE to close at Rs 1,205.50, on talks of a possible initial public offer. Reliance Energy jumps on subsidiary IPO talk More Stories on : Power | IPOs | Reliance Energy Ltd | Power
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