Reliance Petro price band at Rs 57-62

 Reliance Petroleum, a subsidiary of Reliance Industries, will launch its initial public offer (IPO) on April 13 with a price band of Rs 57-62. The issue will close on April 20.

 Retail investors will have a payment flexibility to apply with Rs 16 a share. The balance is payable at the time of allotment.  Reliance sources said Reliance Petroleum had received clearance from the Securities and Exchange Board of India for the IPO which would mobilise funds to finance the Rs 27,000-crore refinery at Jamnagar in Gujarat.  Investment banking sources said the company would organise a series of international road shows in cities, including Hong Kong, Singapore, London, Boston, New York and San Francisco. Reliance Industries Chairman Mukesh Ambani is expected to attend two of them.  A couple of days ago, Reliance Petroleum had concluded a pre-IPO private placement of Rs 2,700 crore to a clutch of investors.  They include LIC, State Bank of India, Goldman Sachs, Deutsche Bank, Citigroup, IDBI, Syndicate Bank, UTI Bank, Bank of Baroda, and Mukesh Ambani and his family.  The IPO will offer 1,350 million shares. Reliance will again acquire 900 million shares through the IPO, exactly the same amount to be offered to the public. This will have a three-year lock-in period.  Reliance Petroleum