News: 'RPL investors will be rewarded'
(PTI 11/05/2006) Mumbai - With Reliance Petroleum Ltd's initial public offer garnering commitments equal to half the FDI China receives in a year, Reliance Group Chairman Mukesh Ambani on Thursday said the investors in its greenfield refinery project will be "rewarded in full measure".
"Investor thrust in RIL will be rewarded in full measure," he said before the RPL listing on the bourses.
The IPO of 45 crore equity shares was over-subscribed 53 times with commitments made for Rs 143,000 crore ($32 billion). "This is the largest for any greenfield project anywhere in the world. It is half the FDI China receives in a year and six times the FDI India received in a year."
Overwhelmed by the investors' response to RPL's IPO, Ambani said, "No word would be enough to express gratitude... I welcome 12.6 lakh new investors to the Reliance family, and particularly to Reliance Petroleum."
Expressing confidence in the Indian market, he said India is one of the most vibrant capital markets of the world.
"Investor thrust in RIL will be rewarded in full measure," he said before the RPL listing on the bourses.
The IPO of 45 crore equity shares was over-subscribed 53 times with commitments made for Rs 143,000 crore ($32 billion). "This is the largest for any greenfield project anywhere in the world. It is half the FDI China receives in a year and six times the FDI India received in a year."
Overwhelmed by the investors' response to RPL's IPO, Ambani said, "No word would be enough to express gratitude... I welcome 12.6 lakh new investors to the Reliance family, and particularly to Reliance Petroleum."
Expressing confidence in the Indian market, he said India is one of the most vibrant capital markets of the world.
RPL will invest Rs 27,000 crore in building a 29 million tonnes per annum refinery in Jamnagar special economic zone and will export most of the products to the US and European markets.
The refinery will be the sixth largest in the world, Ambani said.
With the commissioning of the refinery, at a site adjacent to its parent Reliance Industries' 33 million tonnes per annum refinery, in August 2008, Reliance will raise refining capacity at Jamnagar to 62 million tonnes, 28 per cent larger than Petroleos de Venezuela SA's Paraguana refinery, the world's biggest as of today, he said.
Reliance Industries Ltd, which was a non-integrated petrochemical company until the late-1992, made its foray into refining by setting up a 5,40,000 barrels per day (27 million tonnes per annum) refinery at Jamnagar in Gujarat. The refinery started commercial operations in April 2000 and was built at a cost of $3.4 billion.
RIL's refining capacity has been gradually debottlenecked by 22 per cent to 6,60,000 barrels per day (33 million tones per annum) at a cost of $500 million.
Reliance Petroleum shares commenced with a big bang, gaining 70 per cent at Rs 101.95 in its debut on the Bombay Stock Exchange today on heavy purchases by funds and retail investors.
The scrips surrendered part of its gain to trade at Rs 84.50 against the offered price of Rs 60 in the first five minutes of trading as profit booking emerged at attractive high levels.
Trading at this counter began with a ceremonial bell rung by company Chairman Mukesh Ambani on the Bombay Stock Exchange. The counter attracted 348 block deals in five minutes of trade on both bourses.
RPL, a unit of Reliance Industries Ltd, listed at the National Stock Exchange at Rs 99.95.
In the future and option segment, about 45 lakh shares were added.
Reliance Industries, the parent company, subscribed to 90 crore shares at Rs 60, leaving the public with 45 crore shares -- the price for which was fixed at Rs 60.
Similarly, the Reliance Industries stocks surged at open to trade higher by Rs 19.30 at Rs 1189.40 before moving down to Rs 1130 in first five minutes of trade.
The refinery will be the sixth largest in the world, Ambani said.
With the commissioning of the refinery, at a site adjacent to its parent Reliance Industries' 33 million tonnes per annum refinery, in August 2008, Reliance will raise refining capacity at Jamnagar to 62 million tonnes, 28 per cent larger than Petroleos de Venezuela SA's Paraguana refinery, the world's biggest as of today, he said.
Reliance Industries Ltd, which was a non-integrated petrochemical company until the late-1992, made its foray into refining by setting up a 5,40,000 barrels per day (27 million tonnes per annum) refinery at Jamnagar in Gujarat. The refinery started commercial operations in April 2000 and was built at a cost of $3.4 billion.
RIL's refining capacity has been gradually debottlenecked by 22 per cent to 6,60,000 barrels per day (33 million tones per annum) at a cost of $500 million.
Reliance Petroleum shares commenced with a big bang, gaining 70 per cent at Rs 101.95 in its debut on the Bombay Stock Exchange today on heavy purchases by funds and retail investors.
The scrips surrendered part of its gain to trade at Rs 84.50 against the offered price of Rs 60 in the first five minutes of trading as profit booking emerged at attractive high levels.
Trading at this counter began with a ceremonial bell rung by company Chairman Mukesh Ambani on the Bombay Stock Exchange. The counter attracted 348 block deals in five minutes of trade on both bourses.
RPL, a unit of Reliance Industries Ltd, listed at the National Stock Exchange at Rs 99.95.
In the future and option segment, about 45 lakh shares were added.
Reliance Industries, the parent company, subscribed to 90 crore shares at Rs 60, leaving the public with 45 crore shares -- the price for which was fixed at Rs 60.
Similarly, the Reliance Industries stocks surged at open to trade higher by Rs 19.30 at Rs 1189.40 before moving down to Rs 1130 in first five minutes of trade.
posted by InCar Group Press Room at 13:36
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