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Reliance Petro files for IPO

Our Bureau

Mumbai , March 6

Reliance Petroleum, a wholly owned subsidiary of Reliance Industries, on Monday filed the draft prospectus with the Securities and Exchange Board of India for raising Rs 6,000 crore through an IPO, expected to hit the markets next month.

The proceeds of the IPO, slated to be one of the biggest ever, will be used to part-finance Reliance Petroleum Ltd'sgreenfield refinery project at Jamnagar, Gujarat, the Mukesh Ambani controlled group said in a press release here on Monday.

Reliance Petroleum is setting up a Rs 27,000-crore export-oriented refinery, with a capacity to process 5,80,000 barrels per day of crude at a special economic zone in Jamnagar, Gujarat.

"The draft red herring prospectus was filed today with SEBI," Reliance Petroleum said in a statement.

The filing of the draft prospectus by Mr Mukesh Ambani, the elder of the Ambani brothers, came soon after his younger brother, Mr Anil Ambani, announced ambitious plans for his group companies.

The IPO will be done through the book-building route.

The press release said the total equity component of the project, inclusive of proceeds from the issue, will be in the range of Rs 11,250 crore to Rs 13,500 crore.

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