Mumbai: Government funds of Singapore, Dubai and Abu Dhabi are eyeing a 5 per cent stake in Reliance Power in a private placement ahead of its proposed initial public offering, the Economic Times said on Monday.
Private equity firm Blackstone Group was also in talks for the stake, valued at around $1 billion, it said, citing investment banking sources. Reliance Power may dilute 2.5 to 5 per cent to sovereign funds, private equity firms and financial institutions, with a lock-in period of one year, the paper said.
Reliance Power, an Anil Dhirubhai Ambani Group company, has announced plans to sell a 10.1 per cent holding, which media reports have said may raise $2.8 billion, making it India's biggest IPO, excluding the private placement.
The group controls Reliance Power through subsidiaries including Reliance Energy Ltd, which owns 50 per cent.
A spokesman for the group declined comment on the report.
Reliance Power is awaiting the market regulator's approval for the IPO, which sources have said the firm hoped to price at the end of November or early December.
The issue is managed by UBS, ABN AMRO, JPMorgan, Deutsche Bank, Enam Securities, ICICI Securities, JM Financial and Kotak Mahindra Capital.
Macquarie India and SBI Capital Markets are co-managers.
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