Monday, February 11, 2008

Reliance Power trades at discount

Equity shares of Reliance Power were listed at the bourses today (February 11). The shares opened at Rs 547.80, a premium of Rs 21.73% to the issue price of Rs 450. It touched a high of Rs 599.90, low of Rs 389 and is currently trading at a discount to the issue price at Rs 445.90. A total of 21,189,241 shares have exchanged at the BSE. (10.40 a.m).

The Anil Dhirubhai Ambani Group company had created history by becoming the largest initial public offering ever in India. It received an overwhelming response from investors, with the issue being subscribed 73 times. The price band for the issue was fixed between Rs 405 to Rs 450 a share. The issue price was fixed at Rs 450; retail investors received the shares at a discount of Rs 20.

Kotak Mahindra Capital, UBS Securities India, ABN AMRO Securities (India), Deutsche Equities India, Enam Securities, ICICI Securities, JM Financial Consultants, JP Morgan India, Macquarie India Advisory Services, and SBI Capital Markets have helped the company to raise funds via this public issue.

Reliance Power is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country. The issue proceeds are proposed to be utilized for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.

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