Mumbai, May 6: Almost 60 per cent of the investors who applied for Reliance Petroleum (RPL) shares have secured allotment.

The share allotment of RPL, which was handled by Karvy Computershare, was completed within 10 days of the issue closing.

The Rs 2,700-crore book built offer received 21.2 lakh applications. The Bombay Stock Exchange (BSE) approved the basis of allotment for 19.39 lakh valid applications on May 3, making it the largest book-built IPO in terms of the number of applications.

Of the valid applications, 12,55,331 investors have received allotment, which includes 411 qualified institutional investors, 7,328 high net worth individuals and 12,27,592 retail investors, according to market sources.

Though the basis of allotment has not yet been disclosed, sources say that a retail investor has been given 116 shares for every 1,400 shares applied.

The company has also refunded the balance amount of over Rs 29,152 crore to unsuccessful applicants. While Rs 23,807 crore has been refunded to 9.22 lakh investors through electronic clearing system, 11.86 lakh investors have received Rs 5,345 crore by refund orders, all of which were despatched on Friday evening.

The shares will be listed on the bourses on May 11.

However, the grey market for the share had become active even before the allotment was made, say market insiders.

At present, the share is quoting at a premium of about Rs 35 in the grey market. Thus, the market expects the stock to list at around Rs 95 to Rs 100.