Anil Ambani Raises A Trillion Rupees In Five Hours
In an astonishing feat Anil Ambani, the younger sibling of the famed Ambani brothers and Chairman of Anil Dhirubhai Ambani Group has raised one trillion Rupees in just 5 hours through the public offerings of Reliance Power, an entity that has no real assets as of now but plans to build 13 mega power plants across the country with an installed total capacity of 28,000 mega watts.
The feat is an indication of his ability to create craze for the Reliance tag, a magical gift his father the late Dhirubhai Ambani had. The 30% of the total 228 million shares offered has been earmarked for the retail investors has been over subscribed many times and the 60% kept for the institutional investors have received bids amount 16 time. It is expected that the whole IPO would get oversubscribed many times till it ends on 18th January.
It marks a great personal achievement for the young siblings who has broken away from the main Reliance group in January 2006. Analysts have attributed the success to two main reason.
1) The company belongs to Anil Ambani group which has been giving spledid returns to investors since its inception.
2) Secondly, investors have been attracted to the fact that, for the first time they are getting Rs.20 off in an IPO and also the market is buzzing with whispers that the share prices can go upto Rs. 1000/share from the initial price of Rs.450/share once it get listed on the bourses in the first week of February.
What Rs.1000000000000 means to India
- 7 times the projected health expenditure for the year 2008.
- Rs. 40 billion billion higher than the defence expenditure projectedin 2008
- Rs. 12.26 billion more than the projected income tax receipts in 2007-08.
- 66.24% of India’s fiscal deficit for this financial year.
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