Anil Ambani gets nod for biggest IPO for Reliance Power

BIGGEST IPO: The SEBI has approved the issue of 260 million shares which may be priced at about Rs 450 per share.

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New Delhi: Anil Ambani’s Reliance Power's initial public offering has finally been cleared by market regulator SEBI.

Reliance Power, in which Reliance Energy has a 50 per cent stake received the final approval from the Securities and Exchange Board of India (SEBI) for issuing 260 million shares.

The Anil Dhirubhai Ambani Group (ADAG), which controls Reliance Energy, has said the IPO entails a sale of 10.1 per cent stake.

Sources told news agency UNI that the price band of the issue is likely to be Rs 405-450, sources said.

The company looks to raise approximately 11,700 crores from the capital markets.

The IPO promises to offer staggered payment options to retail investors.

The IPO will be on between January 15 to 18, 2008.

This will be India's biggest IPO till date.

With inputs from UNI