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Reliance Power set to raise over Rs 10,000 cr via IPO

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Mega IPO: Mr Anil Ambani, Chairman, Reliance Power, at a press conference in Mumbai on Friday. –
Mega IPO: Mr Anil Ambani, Chairman, Reliance Power, at a press conference in Mumbai on Friday. –

Our Bureau

Mumbai, Jan. 4 Reliance Power Ltd, whose initial public offering this month would be the largest by any Indian company, is likely to be listed on the stock exchanges in the first week of February, its Chairman, Mr Anil Ambani, said at a news conference on Friday.

The company does not plan any private placement of shares before its IPO, he said.

The issue, which opens on January 15 and closes January 18, will raise as much as Rs 11,500 crore at the upper end of the price band of Rs 405-Rs. 450 per share.

RPL is a subsidiary of Reliance Energy Ltd which owns 50 per cent stake in the company; the rest of the stake is owned by the Anil Dhirubhai Ambani group promoters. The IPO will see REL’s stake reduced to 45 per cent.

The IPO proceeds will part finance six power projects of RPL across the country whose completion dates are scheduled from December 2009 to March 2014. Each project will be under a separate special purpose vehicle, the parent company of which will be RPL.

The projects are variously based – gas, coal and hydro-power.

As far as fuel availability was concerned, India will be “gas-long” with the finds reported by various operators who are looking for credible customers, said Mr Ambani.

Equipment partners

RPL is also seeking strategic partnerships with global majors for power equipment, he said.

The company is also looking at a number of suppliers from various countries for coal imports, Mr Lalit Jalan, whole-time Director, told reporters.

It would also look to acquire coal assets in countries such as Indonesia and South Africa, said Mr Jayarama Chalsani, Director, Business Development.

Wind energy is clearly part of the company’s thought process, said Mr Ambani.

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(This article was published in the Business Line print edition dated January 5, 2008)
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