Anil Ambani-owned Reliance Power Limited (RPL), which recently came out with an initial public offering (IPO), on Friday announced that it had completed the allotment of shares to successful investors as per the basis of allotment approved by the stock exchange.According to an official release here, the company has commenced refunding the excess application money. The refunds to QIBs (qualified institutional buyers) and non-institutional investors have been effected through electronic credits.

Record time

The allotment and refund exercise post-closure of the IPO has been carried out in a record time of ten working days. The IPO had attracted over five million bids from all categories of domestic and international investors with aggregate commitment of over Rs. 750,000 crore against the issue size of Rs. 11,560 crore.

The 60 per cent of the net issue reserved for the QIBs was oversubscribed 82.5 times. Five per cent of this category has been allotted on a proportionate basis to mutual funds only. An aggregate of 446 domestic and international QIBs will receive only 1.2 per cent of their applied quantity of shares. Ten per cent of the net issue reserved for non-institutional investors was oversubscribed 159.6 times. About 12,000 non-institutional investors will receive only 0.6 per cent of their applied quantity of shares.

Thirty per cent of the net issue reserved for retail investors was oversubscribed 13.6 times. Retail investors have been issued shares at a discount of Rs. 20 at Rs. 430 per share.

Over 41.7 lakh successful bidders in the retail category will get about 15 shares each while about 4.5 lakh retail investors who bid for less than 225 shares will not get any shares according to the allocation as approved. The excess application money of about Rs. 100,000 crore received from the investors is being refunded to the investors.

Post-allotment, Reliance Power has about 42 lakh shareholders.

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