Big Plans For Reliance Power IPO

Reliance Power, a unit of Reliance Energy, plans to raise up to $2.9 billion in what would be India's biggest public offering, investment bankers said. The previous highest initial public offer (IPO) was by property giant DLF which raised $2.24 billion last July. Reliance Power will offer 260 million shares through the IPO or 10.1 per cent of the company's capital. The company aims to raise between Rs 105 billion and 115 billion ($2.6 billion to $2.9 billion) through the offering, which will be open for subscription from January 15 to January 18, investment bankers said. The shares will be offered in the Rs 405 to Rs 450 price band. Power generation growth will be similar to what India witnessed in the telecom sector, company chairman Anil Ambani told a news conference.