Reliance Power Limited, a subsidiary of Reliance energy is to raise up to $ 2.9 billion in one of the biggest public offering in India. An investment banker said that it would be the largest public offering in India followed by DLF's offering of $ 2.24 billion.

According to sources, the company will offer 260 million shares with an aim of raising 2.6-2.9 billion dollars through its offerings. Subscription option will remain open from 15th to 18th January.

Prices of those shares are determined between 405 to 450 rupees.

Reliance Power is expected to be listed in the stock exchange in the month of February.

Presently Reliance power is developing various medium and large projects. Issued funds are to be used in the construction and development of various projects.