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Our Bureau

Looking to raise Rs 7,695-8,370 crore

Mumbai , April 5

Reliance Petroleum Ltd has announced a price band of Rs 57- 62 a share for its IPO.

The company expects to raise Rs 7,695 crore at the lower end of the price band and up to Rs 8,370 crore at the upper end of the band from the IPO.

Retail investors have the option of paying Rs 16 a share on application, a company release said.

In the initial draft red herring prospectus, the company had proposed to offer 180 crore shares. Subsequently, it placed 45 crore shares through a pre-IPO placement to various investors, including FIIs, domestic institutions, insurance companies, and banks.

The price per share for the pre-IPO allotment made is Rs 60 or the issue price in the proposed IPO, whichever is lower, the release said.

These equity shares are locked in for a period of one year from the date of allotment of equity shares in the proposed IPO, wherever applicable, as per SEBI guidelines.

Consequently, the issue size has come down to 135 crore shares.

Reliance Industries Ltd (RIL) will subscribe to 90 crore shares at the issue price in the proposed IPO.

For this purpose, it would be making a payment towards these 90 crore equity shares a day prior to the opening of the issue at Rs 62 a share, amounting to Rs 5,580 crore, it added.

The issue will open for subscription on April 13 and close on April 20.

More Stories on : IPOs | Petroleum

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