Anil Ambani group firm Reliance Energy today announced its subsidiary Reliance Power will soon go public, a move that is presumed to help it raise up to three billion dollars (about Rs 12,000 crore) through the IPO.
Reliance Power is expected to file next week its draft prospectus for the IPO, which is aimed at part-financing its about Rs 100,000 investment plan for setting up coal, gas and hydro power projects in the country. If successful, the public offer could value the company at over 20 billion dollars.
The decision for an IPO was taken at the Board meeting of Reliance Energy headed by Ambani, whose group as such has a market capitalisation of over Rs 200,000 crore.
"The Board approved a proposal by Reliance Power, a company promoted by Reliance Energy and Reliance ADAG, to undertake an IPO of equity shares. The DRHP for the IPO will be filed by RPL with SEBI shortly," REL said in a statement.
RPL is pursuing various gas, coal and hydro power generation projects in different parts of the country. The proposed IPO is being undertaken to fund the development of the said projects, the statement said.
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