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New Delhi, October 7:: Amid speculation about the size of its upcoming public offer, Anil Ambani group firm Reliance Power has declared it would pump in over Rs 6,100 crore from the IPO proceeds to part finance six out of the dozen projects it has at hand.
"We intend to fund an aggregate amount of Rs 6,148.31 crore from the net proceeds in our subsidiaries to partially finance the development of (six) identified projects. The same shall be funded either by way of share capital or shareholder loan or a combination of the two," the company said in its draft prospectus filed by it before market regulator SEBI for its IPO.
The total value of Reliance Power IPO, according to market expectations, would be much more as the proceeds would be used to fund a total of 12 power projects with a total installed capacity of 24,200 MW, generating speculation that it could be even bigger than the largest IPO in the country.
DLF raised Rs 9,200 crore through its IPO earlier this year to rank as the top public issue by any Indian corporate.
Reliance Power proposes to come out with an IPO of 160 crore shares of face value of Rs 2, at a premium to be fixed later, to part fund 12 power projects envisaging an investment of nearly Rs 1 lakh crore.
The Sasan Power Project, bagged by the company after ouster of Lanco, is among the 12 projects that Reliance Power has in its order book.
Government, according to sources, has given Reliance Power a certificate that Sansan is an inter-state Ultra Mega Power Project (UMPP), which would help the company avail various tax benefits.
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