SAT to hear complaints against Reliance Power IPO on Jan 14
The Securities Appellate Tribunal will hear complaints filed against the initial public offer of Anil Ambani group firm Reliance Power Ltd on January 14, a day before the issue opens for subscription.
By PTI |
MUMBAI: The Securities Appellate Tribunal will hear complaints filed against the initial public offer of Anil Ambani group firm Reliance Power Ltd on January 14, a day before the issue opens for subscription.
While admitting the appeal, the tribunal on Friday refused to stay the public offer and deferred the matter for hearing on January 14, sources said.
According to the company's red herring prospectus, some complaints have been filed and an appeal has been filed before the Securities Appellate Tribunal in relation to the IPO.
"An aggregate of 159 complaints were filed with various governmental agencies including SEBI, the Department of Company Affairs and the Government of India among others against the company, its promoters and the proposed IPO," the prospectus noted.
Reliance Power is offering 28.2 crore equity shares in a price band of Rs 405-450 apiece. The issue would open on January 15 and close on January 18. The company could raise Rs 11,700 crore at the upper band price.
"We are expecting to list in the first week of February," company chairman Anil Ambani said here while announcing the IPO plans for Reliance Power Ltd.
While admitting the appeal, the tribunal on Friday refused to stay the public offer and deferred the matter for hearing on January 14, sources said.
According to the company's red herring prospectus, some complaints have been filed and an appeal has been filed before the Securities Appellate Tribunal in relation to the IPO.
"An aggregate of 159 complaints were filed with various governmental agencies including SEBI, the Department of Company Affairs and the Government of India among others against the company, its promoters and the proposed IPO," the prospectus noted.
Reliance Power is offering 28.2 crore equity shares in a price band of Rs 405-450 apiece. The issue would open on January 15 and close on January 18. The company could raise Rs 11,700 crore at the upper band price.
"We are expecting to list in the first week of February," company chairman Anil Ambani said here while announcing the IPO plans for Reliance Power Ltd.
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