RPL lists at 70% premium to offer price, ends lower.
Economic Times (New Delhi, India), May, 2006
May 12--MUMBAI, India -- Reliance Petroleum (RPL), the Reliance Industries (RIL)-controlled energy company, made a stunning debut on the back of major institutional and retail interest in the scrip on Thursday. RPL is a subsidiary of RIL, which owns 75 percent of the company.
The stock opened with a bang at Rs 102, a premium of 70 percent over the offer price of Rs 60 per share. In a grand listing ceremony held in the BSE's convention hall, Mukesh Ambani, RIL's chairman, struck the gong to mark the beginning of trading in RPL shares. According to market sources, the counter attracted large volumes during opening trades with several block deals being reported in the first few minutes on both the BSE and the NSE.
The early hour euphoria, however, eased...
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