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According to the International Business Times, "India's Reliance Energy is planning an initial public offering of shares of a subsidiary, which media reports say will raise $2.8 billion, making it India's biggest-ever listing. Reliance did not give more details about the IPO but Indian newspapers have reported that Reliance Power may sell 15 percent of its shares and that the issue would be managed by Kotak Mahindra Capital . JM Financial Ltd., ICICI Securities,Enam Financial. The company is planning to implement projects worth over Rs 70,000 crore. The draft red herring prospectus (DHRP) for the public offer will be filed by Reliance Power with Sebi soon. Reliance Power is pursuing a number of projects based on gas, coal and hydro power in the country. The proposed IPO is being undertaken to fund the development .