Reliance Energy to file DRHP with SEBI for IPO of Reliance Power Ltd

Reliance Energy Ltd has announced that the Board approved the proposal by Reliance Power Ltd, a company promoted by Reliance Energy Ltd and Reliance Anil Dhirubhai Ambani Group, to undertake an Initial Public Offering of equity shares of the Company. The draft red herring prospectus for the said IPO will be filed by Reliance Power Ltd with SEBI shortly.

Reliance Power Ltd is pursuing various gas, coal and hydro power generation projects in different parts of the country. The proposed IPO is being undertaken to fund the development of the said power projects.

Reliance Power Ltd is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a public issue of its equity shares and to file a Draft Red Herring Prospectus with SEBI.

The stock was trading at Rs.1348.90, up by Rs.143.40 or 11.90%. The stock hit an intraday high of Rs.1366.10 and low of Rs.1235.25.

The total traded quantity was 2884425 compared to 2 week average of 1673214.

Source : Equity Bulls

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