Reliance Power To Raise IPO Face Value To Rs 10

MUMBAI: Anil Ambani group has sought market regulator Sebi’s nod to float Reliance Power’s initial public offer at a face value of Rs 10 a share instead of Rs 2 proposed earlier, a move that could hasten the share sale.

The group wrote to Securities and Exchange Board of India (Sebi) earlier last week, seeking permission in this regard. Company officials and the spokesperson could not be contacted for comments. Sebi officials also could not be immediately contacted. The communication said the IPO was proposed at a face value of Rs 2 a share to involve a larger number of retail investors, but offered the option of floating the shares at Rs 10 a share in case the earlier proposal did not meet the regulator’s requirement.