Reliance Petroleum Limited (RPL) filed its Red Herring Prospectus (RHP) which has been taken on record by the Registrar of Companies (ROC), Gujarat. The issue will open for subscription on Thursday, April 13,2006 and will close on Thursday, April 20,2006.
Reliance Petroleum (RPL) has fixed the price band for its forthcoming initial public offer (IPO) at Rs 57-62 per share, valuing the Mukesh Ambani company at Rs 27,900 crore at the upper end of the price band. RPL, a unit of Reliance Industries (RIL), plans to use the funds from the issue to part-finance its proposed Rs 27,000 crore export oriented refinery in the special economic zone at Jamnagar in Gujarat.
In its draft red herring prospectus filed recently, RPL had initially proposed to offer 180 crore shares. However, in a pre-IPO private placement last week, RPL offered 45 crore equity shares to foreign institutional investors, financial institutions and banks at Rs 60 a share, raising Rs 2,700 crore. The shares offered in the private placement are locked in for one year from the date of allotment of the shares in the IPO. Parent company RIL is scheduled to subscribe to 90 crore shares at the issue price in the IPO of the remaining 135 crore shares, amounting to Rs 5,580 crore at Rs 62 per share. This makes the net size of the IPO to the public 45 crore shares, with retail investors having the option of paying only Rs 16 per share on application.
07-Apr-06 
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