Petroleum (RPL), promoted by Reliance Industries Limited
(RIL) to execute the new export-oriented refinery project
in Jamnagar, Gujarat, has filed the draft prospectus with
SEBI ahead of its planned IPO.
issue is expected to raise up to Rs8,550 crore and would
be one of the largest ever in the history of Indian markets.
company is planning to issue 180 crore shares, including
the promoter''s contribution of 90 crore shares. Hence
the net issue to public would be 90 crore shares. The
issue is likely to be priced at a premium of between Rs35
to Rs40 per share of face value Rs10 each.
investors would have the option of paying only 10 per
cent of the bid amount at the time of application and
the balance 90 per cent after allotment.
project is expected to cost Rs27,000 crore, to be funded
through Rs15,750 crore in debt and Rs11,250 crore in equity.
The company has already entered into preliminary agreement
with banks for a syndicated term loan facility of Rs6,750
crore. Between Rs4,500 crore to Rs6,750 crore would be
raised from export credit agencies.
has already subscribed to 270 crore shares of RPL at Rs10
each and consequently, RPL''s net worth now stands at Rs2,698
crore. RIL would subscribe to 90 crore additional equity
shares during the IPO at the issue price.
company''s issued capital would rise to Rs4,500 crore after
the issue from the current Rs2,700 crore.
Global Markets, Deutsche Equities, DSP Merrill Lynch,
Enam Financial, HSBC Securities, JM Morgan Stanley, SBI
Caps, UBS Securities and ICICI Securities would be the
lead managers to the issue.
ICICI Bank, HDFC Bank and IDBI Bank would act as the bankers
to the issue.