By IANS
Mumbai : In what is billed as a world record, Anil Ambani-promoted Reliance Power’s initial public offering (IPO) was subscribed twice over within 50 seconds of opening Tuesday. The IPO has managed to garner over Rs.1.33 trillion ($33 billion) on the first day.
“By 3 pm, the issue has been calculated at nearly 10 times subscribed, according to information garnered from the Bombay Stock Exchange and National Stock Exchange. It is said to be a world record,” well-placed sources in the company said.
The eagerly awaited issue of 260 million shares, which opened Tuesday, will officially close Jan 18. The price band for the IPO has been set at Rs.405 to Rs.450 per share.
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