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Mumbai, Jan. 3 Reliance Power Ltd has fixed the price band for its initial public offering at Rs 405-450 per share. The IPO, which offers 26 crore shares, will raise between Rs 10,500 crore and Rs 11,500 crore — the largest issue to hit the Indian primary market.

It is scheduled to open on January 15 and close on January 18. The company, a subsidiary of Reliance Energy, said it will offer shares at a discount of Rs 20 or approximately 5 per cent, to retail investors. In addition, high networth individuals and retail investors have the option to pay Rs 115 per share on application for shares, the rest being payable on allotment.

The offer of 26 crore equity shares of Rs 10 each includes a promoters’ contribution of 3.2 crore shares, to be allotted at the IPO price. The net issue to the public is of 22.8 crore shares. The issue and net issue will constitute 11.5 per cent and 10.1 per cent respectively of the post-issue paid-up equity capital of Reliance Power.

More Stories on : IPOs | Power

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