17 Jan : The response to the initial public offer of Reliance Power improved slightly on the third day of the issue from the day earlier.

Till 4:00 pm Thursday , the issue was subscribed 20.84 times, according to data available on the National Stock Exchange site.

Against the public offer of 22.80 crore shares, the company has received 475.25 crore bids. Around 41.72 crore bids were at cut off price.

The Rs 10 share is priced in the band Rs 405-450 per share. The issue closes on Friday.

The IPO proceeds will be used to part-finance 13 medium to large sized power projects. Out of which, 11 projects are to be developed by nine subsidiaries; one is being directly executed by Reliance Power and one project under subsidiary is yet to be transferred.

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