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Last Updated: Friday, 21 April 2006, 06:43 GMT 07:43 UK
Strong demand for Reliance sale
Oil refinery
The money from the share sale will be used to build a refinery
Indian oil firm Reliance Petroleum's share sale has been oversubscribed, with investors offering to buy 46 times the amount of stock on offer.

The oil company, a unit of Reliance Industries, is selling 450 million shares in what will be India's largest initial public offering this year.

Boosting demand was US firm Chevron's purchase of a 5% stake in Reliance, with an option to lift it to 29%.

Reliance Petroleum stands to earn about $620m (349m) from the sale.

The company plans to use the money from the sale to boost its refining capacity.

Reliance Petroleum plans to build a refinery and polypropylene plant in Jamnagar, western India.

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