(Corrects Friday's closing share price and movement in final
paragraph. Reliance Energy shares rose 7.9 percent to 1,205.50
rupees, not 6.6 percent to 1,665 rupees)
MUMBAI, Sept 29 (Reuters) - Reliance Power, a subsidiary of
Reliance Energy Ltd <RLEN.BO> is considering to raise about 110
billion rupees through an initial public offer of shares to fund
two mega power projects, The Economic Times said on Saturday.
The company would need nearly 210 billion rupees for the
projects including construction and other related costs.
Reliance Power may offload around 15 percent stake, making it
larger than the IPO of real-estate developer DLF Ltd <DLF.BO> and
the follow-on public offer of ICICI Bank <ICBK.BO>, the paper
said, quoting unnamed sources.
A spokesman for Anil Dhirubhai Ambani Group, the parent of
Reliance Energy, declined to comment.
Kotak Mahindra Capital and JM Financial Ltd <JMSH.BO> are
likely to be the two lead managers to the proposed issue, the
newspaper said.
It also said Reliance Power would participate in the
forthcoming bids for two new large power projects in southern and
eastern India.
Shares in Reliance Energy ended 7.9 percent up at 1,205.50
rupees on Friday in the Mumbai market.
((Reporting by Kaustav Roy, Editing by Ben Tan; Reuters
Messaging: [email protected],
+91-22-6636-9000))
Keywords: RELIANCE IPO/