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Mumbai, Sept. 30 Reliance Energy Ltd has approved the proposal of its subsidiary, Reliance Power, for going public.

The decision was taken was taken at the board meeting of Reliance Energy Ltd here on Sunday.

“The board approved the proposal by Reliance Power Ltd, a company promoted by Reliance Energy Ltd and Reliance Anil Dhirubhai Ambani Group, to undertake an initial public offering of equity shares of the company.

The draft red herring prospectus for the said IPO will be filed by Reliance Power Ltd with SEBI shortly,” Reliance Energy said in a statement.

The company did not disclose the amount to be raised. Reliance Power Ltd is pursuing various gas, coal and hydro power generation projects in different parts of the country.

The proposed IPO is being undertaken to fund the development of the said power projects.

Reliance Power is proposing — subject to receipt of requisite approvals, market conditions and other considerations — a public issue of its equity shares and to file a draft red herring prospectus with SEBI, the statement added.

Reliance Power has won the 4000 MW Sasan ultra mega project and would need funds between Rs 16,000 crore and Rs 20,000 crore over a period of time, according to analysts.

On Friday, Reliance Energy stock gained 7.9 per cent — Rs 88.25 — to close at Rs1,205.50 on the BSE.

More Stories on : Power | IPOs

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