Rel Energy board clears India's largest IPO
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[September 30, 2007]

Rel Energy board clears India's largest IPO

(Financial Express Via Thomson Dialog NewsEdge) Reliance Power, a subsidiary of Anil Ambani-led Reliance Energy Ltd (REL), will soon go public to raise Rs 12,000 crore with what is being billed as India's largest-ever initial public offer. The move is aimed at part- financing the company's proposed investment of over Rs 1,00,000 crore in coal, gas and hydro-power projects with a generation capacity of over 25,000 mw. The decision for an IPO was taken at REL's board meeting here on Sunday. These projects are expected to come up during the 11th and 12th Plans. Reliance Power will file a draft prospectus with Sebi next week. The company expects to complete the exercise in the next eight to 10 weeks. More than six merchant bankers, including Kotak, Enam, JM Financial and UBS, are reportedly handling the issue, say industry sources. But none could be contacted for confirmation. The IPO will give Reliance Power an initial m-cap of about $20 billion (Rs 80,000 crore) and place the company among the top 20 most-valued firms listed on the domestic bourses.



Copyright 2007 The Indian Express Online Media Ltd, Source: The Financial Times Limited

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