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Home > Business > PTI > Report

SAT adjourns hearing on Reliance Power till Jan 21

January 14, 2008 14:06 IST

Securities Appellate Tribunal on Monday adjourned its hearing till January 21, on complaints against Anil Ambani group's $3-billion Reliance [Get Quote] Power IPO, scheduled to hit the market on Tuesday.

On January 4, SAT had refused to stay the initial public offer, while saying that it would consider the issue on January 14.

The public offer of 26 crore equity shares, estimated to raise close to Rs 11,700 crore (Rs 117 billion), is being billed as the largest ever IPO in the Indian capital market.

The company is offering the equity shares with a face value of Rs 10 at a premium and the book-building process would commence tomorrow at a price band of Rs 405-415 per share. The bidding for allotment of shares in the IPO would close on January 18.

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