Mumbai: Anil Ambani Group firm Reliance Power, which had come out with the country's biggest ever IPO, is expected to complete the allocation of shares today and commence refund of excess application money on February 1.

Reliance Power would complete allocation of shares on January 31 and the refund for excess application money of about Rs one lakh crore to the investors would commence on February one, banking sources said.

After the listing of the company on the bourses, Reliance Power would be the world's largest company with about 43 lakh shareholders.

Besides, the successful retail applications in the IPO would get about 15 shares each, merchant banking sources said. However, about four lakh applications for less than 225 shares of Reliance Power would not get any shares, sources added.

The portion reserved for the Qualified Institutional Buyers had been subscribed by about 82 times and 445 investors in the category are likely to get about 1.2 per cent of applied quantity.

The IPO, estimated to have raised Rs 11,700 crore, opened on January 15 and closed on January 18 with 73 times over-subscription. The price has been fixed at the top end of the price band of Rs 405-450 per share.

Source : PTI