Corporate warfare on to derail Reliance Power IPO: ADAG
Terming as "corporate warfare" the attempts to sabotage Reliance Power's IPO, Anil Ambani group on Wednesday said it would pursue all legal and other remedies to fight vested interests working against the biggest share sale in India's corporate hi...
By PTI |
MUMBAI: Terming as "corporate warfare" the attempts to sabotage Reliance Power's IPO, Anil Ambani group on Wednesday said it would pursue all legal and other remedies to fight vested interests working against the biggest share sale in India's corporate history.
"We have already complained to SEBI... We are happy that justice has prevailed and these vested interests have failed," a Reliance-ADAG spokesperson said in a statement, while welcoming the interim stay given by the Supreme Court on the proceedings in Gujarat High Court on a petition filed against Reliance Power IPO.
Reliance-ADAG chief Anil Ambani had earlier said that though market regulator SEBI did not respond to the company's complaints, it had cleared the IPO.
In its complaint, the group had named over a dozen top officials and associates of Mukesh Ambani-led Reliance Industries and alleged that they were sabotaging the IPO.
Aiming to raise up to Rs 11,700 crore, the Reliance Power IPO will hit the market on January 15 and close on January 18.
"We have already complained to SEBI... We are happy that justice has prevailed and these vested interests have failed," a Reliance-ADAG spokesperson said in a statement, while welcoming the interim stay given by the Supreme Court on the proceedings in Gujarat High Court on a petition filed against Reliance Power IPO.
Reliance-ADAG chief Anil Ambani had earlier said that though market regulator SEBI did not respond to the company's complaints, it had cleared the IPO.
In its complaint, the group had named over a dozen top officials and associates of Mukesh Ambani-led Reliance Industries and alleged that they were sabotaging the IPO.
Aiming to raise up to Rs 11,700 crore, the Reliance Power IPO will hit the market on January 15 and close on January 18.
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