Rel Power to wrap up share allocation today

Anil Ambani Group firm Reliance Power, which had come out with the country's biggest ever IPO, is expected to complete the allocation of shares tomorrow and commence refund of excess application money (about Rs 1 lakh crore) on February 1 banking sources said.

After the listing of the company on the bourses, Reliance Power would be the world's largest company with about 43 lakh shareholders.

Besides the successful retail applications in the IPO would get about 15 shares each, merchant banking sources said. However, about four lakh applications for less than 225 shares of Reliance Power would not get any shares, sources added.

The portion reserved for the Qualified Institutional Buyers (QIB) had been subscribed by about 82 times.