Mumbai: 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.

Source : Dna