MUMBAI, Jan 4: Reliance Power, a unit of Reliance Energy, plans to raise up to 2.9 billion dollars in what would be India’s biggest public offering, investment bankers said on Friday.

The previous highest initial public offer (IPO) was by property giant DLF which raised 2.24 billion dollars last July.

Reliance Power will offer 260 million shares through the IPO or 10.1 per cent of the company’s capital.

The company aims to raise between 105 billion and 115 billion rupees (2.6 to 2.9 billion dollars) through the offering, which will be open for subscription from Jan 15 to 18, investment bankers said. The shares will be offered in the 405 to 450 rupees price band, they said.—AFP