PUBLIC ISSUE OF 260,000,000 EQUITY SHARES OF Rs. 10 EACH OF RELIANCE POWER LIMITED ("RELIANCE .POWER" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 450* PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 440* PER EQUITY SHARE) AGGREGATING TO Rs. 115,632 MILLION (NET OF RETAIL DISCOUNT) (THE "ISSUE"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 228,000,000 EQUITY SHARES AGGREGATING TO Rs. 101,232 MILLION (NET OF RETAIL DISCOUNT) ("THE NET ISSUE") AND A PROMOTERS' CONTRIBUTION OF 32,000,000 EQUITY SHARES AGGREGATING Rs. 14,400 MILLION. THE ISSUE CONSTITUTES 11.5% OF THE POST ISSUE PAID-UP CAPITAL OF THE COMPANY AND THE NET ISSUE CONSTITUTES 10.1 % OF THE POST ISSUE PAID-UP CAPITAL OF THE COMPANY.
ISSUE PRICE: Rs. 450 PER EQUITY SHARE OF FACE VALUE Rs. 10 EACH*
*A discount of Rs. 20 to the Issue Price determined pursuant to completion of Book Building Process has been offered to Retail Individual Bidders ("Retail Discount").
The Issue made through the 100% Book Building Process wherein at least 60% of the Net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBS") (including 5% of the QIB portion that was to be allocated specifically to mutual funds). Further, at least 10% of the Issue was to be allocated on a proportionate basis to Non-Institutional Bidders and at least 30% of the Net Issue was to be allocated on a proportionate basis to Retail Bidders, subject to valid bids, being received at or above the Issue Price.
The Issue received 48,02,930 applications for 1599,71,29,272 equity shares resulting in 61.52 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual Investor categories are as under: (Before technical rejections)
| Category | No. of Applications | No. of Shares | Subscription |
| Qualified Institutional Buyers | 446 | 11299720185 | 82.60 |
| Non Institutional Investors | 21592 | . 3706983112 | 162.59 |
| Retail Individual Investors | 4780891 | 958425975 | 14.01 |
Final Demand
A sample of the final demand at different bid prices is as under:
| Bid Price | No. of Shares | % to Total | Cumulative Total | Cumulative % to total |
| Rs.405 | 6763590 | 0.04 | 16645636395 | 100.00 |
| Rs.430 | 9282000 | 0.06 | 16638872805 | 99.96 |
| Rs.450 & Cut Off Price | 16629590805 | 99.90 | 16629590805 | 99.90 |
| 16645636395 | 100.00 |
The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on February 1st, 2008.
A. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.450 per Equity Share, was finalized in consultation with BSE. The category was over subscribed 13.572340 times. The total number of shares allotted in this category is 6,84,00,000 Equity Shares to 41,73,929 successful applicants. The category-wise details of the Basis of Allocation are as under:
| Category | No. of Applns. | % to total | Total No. of Shares applied | % to total | No. of Shares allocated | Ratio | Total No. of Shares allocated |
| 15 | 60176 | 1.30 | 902640 | 0.10 | 15 | 2:27 | 66855 |
| 30 | 82844 | 1.79 | 2485320 | 0.27 | 15 | 4:27 | 184095 |
| 45 | 67812 | 1.47 | 3051540 | 0.33 | 15 | 2:09 | 226035 |
| 60 | 112793 | 2.44 | 6767580 | 0.73 | 15 | 8:27 | 501300 |
| 75 | 40359 | 0.87 | 3026925 | 0.33 | 15 | 10:27 | 224220 |
| 90 | 70934 | 1.53 | 6384060 | 0.69 | 15 | 4:09 | 472890 |
| 105 | 151763 | 3.28 | 15935115 | 1.72 | 15 | 14:27 | 1180380 |
| 120 | 66497 | 1.44 | 7979640 | 0.86 | 15 | 16:27 | 591090 |
| 135 | 19057 | 0.41 | 2572695 | 0.28 | 15 | 2:03 | 190575 |
| 150 | 57122 | 1.24 | 8568300 | 0.92 | 15 | 20:27 | 634695 |
| 165 | 14203 | 0.31 | 2343495 | 0.25 | 15 | 5:06 | 177540 |
| 180 | 30708 | 0.66 | 5527440 | 0.60 | 15 | 8:09 | 409440 |
| 195 | 19752 | 0.43 | 3851640 | 0.41 | 15 | FIRM | 296280 |
| 210 | 172499 | 3.73 | 36224790 | 3.90 | 15 | FIRM | 2587485 |
| ADDITIONAL | 1 | 1:147 | 1173 | ||||
| 225 | 3656564 | 79.09 | 822726900 | 88.62 | 16 | FIRM | 58505024 |
| ADDITIONAL | 1 | 10:17 | 2150923 |
B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non institutional Investors, who have bid at the Issue Price of Rs.450 per Equity Share, was finalized in consultation with BSE. The category was subscribed 159.556149 times. The total number of shares allotted in this category is 2,28,00,000 Equity Shares to 11,862 successful applicants. The category-wise details of the Basis of Allocation (Sample) are as under:
| Category | No. of Applns. | % to total | Total No. of Shares applied | % to total | No. of Shares allocated | Ratio | Total No. of Shares allocated |
| 240 | 782 | 3.81 | 187680 | 0.01 | 15 | 1:10 | 1170 |
| 255 | 280 | 1.36 | 71400 | 0.00 | 15 | 1:9 | 465 |
| 270 | 122 | 0.59 | 32940 | 0.00 | 15 | 1:9 | 210 |
| 285 | 54 | 0.26 | 15390. | 0.00 | 15 | 1:9 | 90 |
| 300 | 841 | 4.09 | 252300 | 0.01 | 15 | 1:8 | 1575 |
| 6000 | 67 | 0.33 | 402000 | 0.01 | 38 | FIRM | 2546 |
| 50010 | 8 | 0.04 | 400080 | 0.01 | 313 | FIRM | 2504 |
| 100005 | 24 | 0.12 | 2400120 | 0.07 | 627 | FIRM | 15048 |
| 500010 | 8 | 0.04 | 4000080 | 0.11 | 3134 | FIRM | 25072 |
| 1500000 | 8 | 0.04 | 12000000 | 0.33 | 9401 | FIRM | 75208 |
| 3000000 | 4 | 0.02 | 12000000 | 0.33 | 18802 | FIRM | 75208 |
| 000000 | 9 | 0.04 | 54000000 | 1.48 | 37604 | FIRM | 338436. |
| 6600000 | 3 | 0.01 | 19800000 | 0.54 | 41365 | FIRM | 124095 |
| 6900000 | 1 | 0.00 | 6900000 | 0.19 | 43245 | FIRM | 43245 |
| 7047000 | 1 | 0.00 | 7047000 | 0.19 | 44166 | FIRM | 44166 |
| 7440000 | 1 | 0.00 | 7440000 | 0.20 | 46629 | FIRM | 46629 |
| 7500000 | 4 | 0.02 | 30000000 | 0.82 | 47006 | FIRM | 188024 |
| 8700000 | 1 | 0.00 | 870Q000 | 0.24 | 54526 | FIRM | 54526 |
| 9000000 | 1 | 0.00 | 9000000 | 0.25 | 56406 | FIRM | 56406 |
| 10000005 | 1 | 0.00 | 10000005 | 0.27 | 62674 | FIRM | 62674 |
| 12000000 | 1 | 0.00 | 12000000 | 0.33 | 75209 | FIRM | 75209 |
| 16500000 | 5 | 0.02 | 82500000 | 2.27 | 103412 | FIRM | 517060 |
| 33300000 | 1 | 0.00 | 33300000 | 0.92 | 208704 | FIRM | 208704 |
| 39000000 | 1 | 0.00 | 39000000 | 1.07 | 244427 | FIRM | 244427 |
| 42000000 | 2 | 0.01 | 84000000 | 2.31 | 263220 | FIRM | 526440 |
C. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (68,40,000) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (12,99,60,000) on proportionate basis.
| Category | FIs/Banks | MFs | FIIs | VCs | ICs | Total |
| No.of Shares | 1,78,54,685 | 89,33,171 | 10,43,89,202 | 2,53,186 | 53,69,756 | 13,68,00,000 |
The Committee of the Board of Directors of the company at its Meeting held at Murnbai on 1 st February, 2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.
The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company is taking steps to get the fully paid-up equity shares admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:
Karvy Computershare Private Limited
(Unit: Reliance Power - IPO)
Plot No. 17 to 24, Vittal Rao Nagar. Madhapur.
Hyderabad - 500081, Tet.: +91 40 234 20815 / 2342 0816
Fax: 040-2342 0859. Email: einward.ris@Karvy.com
TOLL FREE - HELPLINE NUMBER: 1 -800-3454001
| Place : Murnbai Date : February 4, 2008 | For Reliance Power Limited Sd/- Paresh Rathod Company Secretary and Compliance Officer |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF RELIANCE POWER LIMITED.
See also...
Reliance Power has 42 lakh shareholders
Reliance Power IPO Listing
Reliance Power IPO Listing Price
Reliance Power IPO Allotment Status
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