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Our Bureau

Hyderabad, Jan. 31 Reliance Power, which recently entered the capital market with its maiden offer of 22.8 crore shares, is set to allot 15 shares apiece to 43 lakh retail investors, who have applied for 225 shares and above.

On this basis, the Anil Dhirubhai Ambani Group (ADAG) company will have about 43 lakh retail shareholders turning it overnight into a company with one of the largest number of shareholders anywhere.

According to sources, the process of allocation of shares has been concluded and details will be out shortly. Of the 50 lakh retail applicants, while 43 lakh would get 15 shares, about four lakh investors who have applied for less than 225 shares would not get any share and the rest, about 3 lakh, have not been considered due to invalid applications.

The company sought to raise Rs 11,500 crore. As the issue was subscribed 73 times, it ended up with Rs 4.52 lakh crore (about $119 billion). With the allocation process nearing completion, about Rs 1 lakh crore will be refunded.

The QIB portion, which was subscribed 82 times, had 445 investors and each of them would secure a minimum allotment of 1.2 per cent of the application.

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