Anil Ambani Group firm Reliance Power on Wednesday filed a draft prospectus with market regulator SEBI for its initial public offer to raise an estimated amount of up to $3 billion.The company proposes to issue 130 crore (1.3 billion) equity shares of Rs 2 each, which would constitute 11.5 per cent of its share capital, according to a BSE filing by Reliance Energy [Get Quote], parent company of Reliance Power.
The issue, which could raise up to $2-3 billion, is expected to be the largest public offering ahead of realtor DLF, which raised over $2 billion, sources said.
"The issue proceeds are proposed to be utilised for funding subsidiaries to part-finance the construction and development costs of various projects and for general corporate purposes," the company stated.
The IPO by Reliance Power, which recently bagged the 4,000 MW Sasan power project, is considered to be a part of revenue mobilisation exercise for its estimated Rs 1,00,000 crore (Rs 1000 billion) investment plans.
Kotak Mahindra, UBS Securities, ABN Amro Securities, Deutsche Equities India, Enam Securties, JM Financial [Get Quote], ICICI [Get Quote] Securities and JP Morgan India are the book running lead managers to the issue.
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