Reliance Power on Wednesday filed a draft prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offer to raise up to Rs 14,000 crore (Rs 140 billion).
This will be the largest public offering in the country, surpassing the Rs 9,000 crore (Rs 90 billion) issue by the real estate company, DLF, earlier this year.
The company said that the issue proceeds would be utilised for funding subsidiaries, to part-finance the construction and development costs of various projects and for general corporate purposes.
Reliance Power's public issue is part of a massive revenue mobilisation exercise to meet its 1,00,000 crore investment plans.
The company proposes to issue 130 crore equity shares of Rs 2 each, which would constitute 11.5 per cent of its post issue share capital, Reliance Energy, the parent company, said in a filing to the Bombay Stock Exchange. The company will also allot 160 crore shares to its promoters. The pricing of the issue will be decided through a 100 per cent book-building process.
Kotak Mahindra, UBS Securities, ABN Amro Securities, Deutsche Equities India, Enam Securties, JM Financial, ICICI Securities and JP Morgan India are the book running lead managers to the issue.
About 60 per cent of the net issue to the public will be allotted to qualified institutional buyers, of which five per cent will be earmarked for mutual funds. Another 30 per cent of the issue will be made available for subscription by retail investors. The remaining 10 per cent will be allocated to non-institutional buyers.
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