The mega initial public issue of Anil Dhirubhai Ambani group's Reliance Power became the largest ever in India after over-subscription of more than 10.5 times on its opening day on Tuesday.
Offered at a price band of Rs.405-450 for 228 million shares at a face value of Rs 10 each, the issue invited bids for 2,397,558,825 shares, data available with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) showed.
The issue closes on January 18.
While institutional buyers were required to pay 10 per cent of the subscription money on application, retail investors had to pay Rs 115, which is around 25 per cent of the issue price.
In addition, Ambani and his associates bought the promoters' stake of 32 million shares at Rs 450 per share on the opening day. Thirty percent of the 228 million shares have been reserved for retail investors at a discount of 5 per cent.
Within minutes of its opening, the issue was fully subscribed and by the time it ended at 5 pm, the issue had been oversubscribed some 10.54 times, said a senior official at one of the lead book running firms for the issue.