Mumbai, Aug. 28: Reliance’s open offer for acquiring 20 per cent equity in Indian Petrochemicals Corporation Ltd (IPCL) was oversubscribed by 76 per cent, with the new promoters receiving 8.74 crore equity shares.
Of the 8.74 crore shares tendered, 57 per cent shares will be accepted by Reliance, the statement said. Reliance had made an open offer for accepting 4.96 crore shares representing 20 per cent of IPCL’s total paid-up capital, at a price of Rs 231 per share.
The open offer came after Reliance acquired a 26 per cent stake in IPCL through the strategic divestment of government stake. On completion of this open offer, Reliance’s equity stake in IPCL will increase to 46 per cent.
The 8.74 crore tendered shares represent 88 per cent of a total of 9.94 crore shares of IPCL, which were tenderable under this offer.
According to the company, mutual funds sent almost 93 per cent of its shares for subscription in the open offer. Public financial institutions tendered 3.54 crore shares accounting for almost 99 per cent of their shareholding in IPCL. Whereas, the general public submitted 2.29 crore shares accounting for 67 per cent of their total shareholding.