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FIs indicate Rs 57-62 range for RPL share sale

Indian financial institutions have indicated a price range of Rs 57-62 for selling their shares in an overseas offering of the country's largest private refiner Reliance Petroleum, a business newspaper said on Saturday.

Reliance Petroleum, part of India's largest conglomerate the Reliance group, plans to list its global depositary receipts abroad by allowing founder Reliance Industries to sell a 13 per cent stake to overseas investors.

It has also allowed other RPL shareholders to sell their holdings under a twin-option plan. They can either indicate the price at which they would like to sell their holdings, or they can opt for the cut-off price to be set by the lead managers.

The paper said local financial institutions with a stake of about 10 per cent, form the second largest investor group in RPL after Reliance Industries, which holds 64 per cent.

It said Saturday was the last day for all shareholders to give an indicative rate for offering their shares in the GDR issue.

Officials of RPL and the financial institutions could not be contacted for comment.

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