Anil Ambani seeks divine blessings in Udaipur prior to IPO launch

January 5th, 2008 - 9:39 pm ICT by admin  

Udaipur, Jan 5 (ANI): Chief of Reliance Anil Dhirubhai Ambani Group, Anil Ambani on Saturday visited the Srinath temple in Udaipur to seek divine blessings before the launch of Reliance Power Ltd’s Initial Public Offer (IPO).
Anil Ambani visited the temple with his wife Tina Ambani and his two sons, Jaianmol and Jaianshul.
“I thought I should launch the Reliance Power’s IPO with the blessings of Lord Srinath. This will be the biggest IPO of the Indian industry. It will provide a major opportunity for retail investors to invest in the Indian power sector,” said Ambani.
India’s Reliance Power Ltd that aims to launch its initial public offering to raise up to 2.97 billion dollars in the country’s biggest IPO.
The company plans to provide five percent discount to its investors and is expected to issue 260 million shares at an indicated price band of 405-450 rupees each.
The offering is likely to open on January 15. The company, whose 50 percent stake is owned by utility Reliance Energy Ltd., plans to use the funds from the issue to build power plants across the country.
“In accordance with my father’s wish, this will be a major opportunity for 70 lakhs shareholders who have invested in the Reliance group to fulfil all their dreams and to take the country forward,” he added.
Dhirubhai Anil Ambani Group, which controls Reliance Energy, has said the IPO entails a sale of a 10.1 percent stake and media reports earlier said that could raise up to 2.8 billion dollars.
The group, which also has interests in telecom, financial services, infrastructure and entertainment, has said it planned to offer up to 30 percent of the shares to retail clients, with a further 10 percent going to wealthy individuals.
Institutional investors will be offered 60 percent, and may get more if retail demand is weak, the company has said.
India’s market regulator last week disposed of a complaint against the IPO, and directed the group’s quota in the offering, or 20 percent of the capital, be locked-in for five years from the date of allotment. (ANI)

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