Mumbai, Jan 31: Four lakh investors, who applied for less than 225 shares of Reliance Power will get zilch. They will get full refund of their monies. The rest 43 lakh retail applicants, who sought 225 shares or more, will get 15 shares each, which means Reliance Power will have the largest shareholder base in the world when it lists. The Anil Ambani company, which holds a portfolio of 13 power generation projects, is expected to complete the allocation of shares by Thursday and commence refund of excess application money- of about Rs 1 lakh crore- on February 1, according to sources. The portion reserved for the qualified institutional buyers had been subscribed by 82 times and 445 investors in the category are likely to get about 1.2% of applied quantity. The initial public offering, billed to raise Rs 11,600 crore, opened on January 15 and closed on January 18 with 73 times over-subscription. The price was fixed at the top end of the price band of Rs 405-450 per share, with retail shareholders enjoying Rs 20 per share discount.

43 lakh applicants get 15 shrs each

Mumbai, Jan 31: Anil Ambani's Reliance Power has got 4.3 million investors after its largest IPO in Indian capital market history subscription. But each investor, who has applied for the issue, will get only 15 shares each in IPO. 4 lakh investors, who had applied for less than 225 shares, will not get any allotment. 3 lakh applications are disqualified. Share allocation process will end on Thursday. Excess share application money refund will begin on Friday. Reliance Power, Anil Dhirubhai Ambani Group Company, had come out with an IPO of 22.8 crore shares with face value of Rs 10 each at a price band of Rs 405-450. Its issue had received an excellent response and subscribed 73.04 times and received bids worth about Rs 7.5 lakh crore. The reserve portion of QIBs subscribed 83 times and non institutional investors 190 times and retail nearly 15 times. The issue received bids for 16.65 billion equity shares as against 22.8 crore shares on offer. The company raised nearly Rs 10260 crore from this public issue excluding promoters' contribution.