Securities Appellate Tribunal on Monday adjourned its hearing till January 21, on complaints against Anil Ambani group's $3-billion Reliance 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.
A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay high court order on gas supply.
"There are eight companies (who have put in expression of interest)... RNRL is one of them," said A K Ahuja, managing director, Ratnagiri Gas and Power Pvt Ltd, the company that operates the nation's biggest gas-fired power plant and the adjacent LNG import facility. Others in the fray include state power utility NTPC and GMR. Ahuja said RGPPL will frame the bidding criteria and call for financial bids by next month.
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
Petroleum secretary RS Pandey declined to comment on the court verdict till the Government received a copy of the order. The Bombay high court on Monday upheld Anil Ambani group firm Reliance Natural Resources Ltd's contention to buy 28 mscmd of gas from Reliance Industries Ltd at USD 2.34 per mmBtu for 17 years.
Reliance MF, the country's largest fund house, has witnessed an increase of about 13 per cent with the average AUM crossing the Rs 1,00,000 crore mark in May as compared to Rs 88,387.98 crore at the end of April. In May 2008, it had crossed the Rs 100,000 crore mark, but in terms of total assets under management. This time, the level has been crossed in the average monthly AUM, which is taken into consideration in the data released by the Association of Mutual Funds of India.
Anil Ambani Group firm Reliance Capital has initiated the process of divesting up to 26 per cent stake in its life insurance subsidiary and is mulling options like bringing in a strategic foreign investor and an initial public offer. The company, which has been going solo so far, has decided on this divestment at this point of time because it will give a better shareholder value, besides sentiments in the market is also looking bright.
Reliance Industries has inked deals to supply gas from its eastern offshore KG-D6 fields to most power sector consumers, including Essar Power and an Anil Ambani Group firm.
In a New Year bonanza for its nearly three million shareholders, Reliance Industries will offer them shares of four Anil Ambani group companies on January 25.
Three Japanese submarine cable construction companies have been short-listed by Flag Telecom, a wholly-owned subsidiary of Reliance Communications
The Anil Ambani group firm is the sole bidder for the engineering, procurement and construction contract for DVC's proposed 1,000 MW thermal power plant at Raghunathpur in Purulia district of West Bengal.
The 7,480 MW project will be the largest gas-fired power project at a single location in the world and will cost about Rs 20,000-25,000 crore (Rs 200-250 billion). Mukesh Ambani-controlled RIL for the supply of gas from the Krishna Godavari basin, where RIL is developing the largest gas reserves in the world. The matter is currently under litigation in the Bombay HC and a decision is expected soon.
Uttar Pradesh Chief Minister Mayawati on Friday said all major decisions of the previous Mulayam Singh government, including Reliance Energy's Dadri power project, would be reviewed.
Telephony major Reliance Communications is believed to have short-listed three global IT companies - IBM, EDS and T-Systems - for its $1.5 billion outsourcing contract.
Anil Ambani group company Reliance Communications on Monday posted a net profit after tax at Rs 8.45 crore (Rs 84.5 million) for the quarter ended June 30, 2006.
Investors in Anil Ambani group firm Reliance Communications have reaped a windfall with the company adding over Rs 50,000 crore (Rs 500 billion) in its market cap since its listing on the bourses last year.
The Anil Ambani group company has tied-up with an online video networking firm, CrickeM.com, to enable customers to upload, view and share their cricket videos with the rest of the world.
Foreign institutional investors have been allowed to invest up to Rs 5,400 crore (Rs 54 billion) in Reliance Communications through ADRs or GDRs.
Anil Ambani Group firm Reliance Money on Friday announced its foray into Europe by setting up operations in Ireland and the UK and is looking to tap over two million non-resident Indian population in the region.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Reliance Communications is in discussions with American billionaire and financier George Soros to raise funds for the Hutch-Essar acquisition.
Reliance Energy Limited has outbid seven other companies, including Tata Power and GMR, to emerge as the top contender for building India's first fully independent private power transmission lines.
Sources, however, said that the company has entered into a deal with some American and European investors for the pre-IPO placement. The latest deal values the company at around Rs 50,000 crore (Rs 500 billion) while the earlier 5 per cent stake dilution that Reliance Infratel had made, valued the company at about Rs 28,000 crore (Rs 280 billion).
Reliance Communications has proposed an entry fee of Rs 150 crore (Rs 1.5 billion) for metro circles and Rs 100 crore (Rs 1 billion) for category B circles for getting 3G spectrum.
Real estate major DLF, Mukesh Ambani-promoted Reliance Industries, cinema production and distribution company Eros International, Reliance Anil Dhirubhai Ambani Group and Videocon Industries are believed to be readying to bid for team ownership rights in the Indian Premier League.
Anil Ambani group firm Reliance Energy on Tuesday said it has bought shares worth over Rs 230 crore, representing nearly 30 per cent of the buyback offer.Reliance Energy bought back 81,680 equity shares on Tuesday, it added. The last date for the buyback would be March 4, 2009, a year from the date of the Board's approval for the offer.
Unable to kickstart its maiden transmission project even two years after winning the bid, Reliance Energy Ltd has now sought government intervention to ensure that state-run Power Grid Corporation of India Ltd signs the joint venture agreement.
"A meeting of the board of directors of the company will be held on March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange.
R-Power has asked its shareholders to pay up the balance payment by Feb 26, to avail of bonus shares.
The Western Vidarbha region comprising three districts of Akola, Washim and Buldana recorded bids of over Rs 50 crore (Rs 500 million) in the IPO that had opened on January 15, according to banking and private money market sources.
Anil Ambani Group firm Reliance Power's IPO on Thursday generated a record demand, with bids pouring in for shares worth Rs 2,34,000 crore ($ 60 billion) an amount that is over three times the money ploughed in by FIIs and mutual funds in the stock market in 2007.
Anil Ambani group's Reliance Power IPO on Tuesday generated a demand of close to Rs 1 lakh crore (Rs 1 trillion) within four hours of start of the book building process, with the issue getting oversubscribed nearly 10 times.
State-run UTI Mutual fund has toppled private sector ICICI Prudential to be the country's second biggest fund house, while Anil Ambani Group's Reliance MF has retained its top position.
The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes. The changes made to IBBI - Bankruptcy Process for Personal Guarantors to Corporate Debtors, Regulations, 2019 -- came into effect on January 31. IBBI has also amended the provision regarding the meetings of the Committee of Creditors to make them mandatory in insolvency matters about personal guarantors.
R-Money, the Anil Ambani group's retail brokerage arm, will introduce gold coins in smaller denominations of half gram and one gram in the market. The market is currently dominated by 5-gm and 8-gm coins.
ATM deployment is set to gain scale with the Anil Ambani group's Reliance Capital and a few technology firms joining hands with partner banks to launch co-branded (known as partial white-label) ATMs.
Anil Ambani group flagship Reliance Communications on Friday entered the elite club of companies with Rs 1 trillion market value on the back of robust quarterly results, joining the likes of ONGC and Reliance.
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