| $1.1-1.3 bn Reliance Petro IPO due in April |
| OUR CORPORATE BUREAU / Mumbai February 24, 2006 |
| Reliance Petroleum, the wholly owned subsidiary of Mukesh Ambani-controlled Reliance Industries, will launch its initial public offer (IPO) in the second week of April. Investment banking sources said the mega issue, which was expected to garner anything between $1.1 billion and $1.3 billion, would hit the primary market in the week beginning April 7. They said the company had appointed six merchant bankers and the red-herring prospectus was expected to be submitted to the Securities and Exchange Board of India on Monday. Reliance Industries executives declined to comment on the issue. The IPO proceeds will be used to part finance the company |
