Reliance Petroleum Ltd, the subsidiary of Mukesh Ambani-owned Reliance Industries, plans to list on the stock exchanges in the first half of May.
But company says govt decision to permit use of incremental coal does not result in any loss to exchequer or undue benefit.
Reliance Industries has not violated any regulations, a spokesperson for Mukesh Ambani-led firm said on Monday, when asked about Sebi's show-cause notice in relation to sale of shares of its then subsidiary Reliance Petroleum in late 2007.
The NSE Nifty ended up 26 points at 4,286.
The court, which quashed the emergency powers invoked by the state for land acquisition, also asked the state to invite objections from land owners.
Reliance Industries along with US oil major Chevron on Wednesday announced signing of an agreement for purchase of 5 per cent equity of Reliance Petroleum Ltd for $300 million
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
If you day trade it can be the riskiest end of stock market investing, says market expert Pranav Sanghavi.
Transcript of the market chat held on january 24.
The initial public offer of Reliance Petroleum Ltd, which opened for subscription from Thursday, has been oversubscribed five times.
The matter dates back to 2007, when RIL, prior to the merger of Reliance Petroleum with itself, allegedly short-sold 4.1 per cent stake in RPL to prevent a slump in the stock.
Mukesh Ambani-controlled Reliance Petroleum is understood to have fixed a price band of Rs 57-62 for its initial public offer to raise over Rs 5,000 crore (Rs 50 billion).
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
The aim was to skill 1 crore by 2020.
RIL has filed a petition before SAT against Sebi's rejection of its application for 'consent settlement' of a probe into alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary RPL.
The bench observed that it needs more time to study Sebi's view on the matter.
It's not just India's largest company, Reliance Industries that's under scrutiny for insider trading in Reliance Petroleum Ltd in 2007. Anand Jain's investment company, Vinamra Universal Traders Private Ltd, and MoTech Software, then led by Annu Tandon, now a Congress politician and MP, are among a dozen entities facing regulatory action.
The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi.
Flaying post-bid concessions to Reliance Power, the CAG on Friday said the Anil Ambani-led firm got undue benefit of Rs 29,033 crore (Rs 290.33 billion) when the government allowed use of surplus coal from blocks alloted to Sasan power plant for its other projects.
RIL officials had then termed the deal a "win-win" for both the companies. It's an irony that the termination of the agreement was also hailed as a "win-win" by RIL in informal briefings with the media today. When reminded about this, an RIL official shrugged and said "nothing is constant in business."
Chevron CEO David O'Reilly told analysts the company has pulled out of some unprofitable refining markets, and will continue to do so. However, he had said that Chevron is continuing talks with its refining joint venture partner RIL that would determine whether it keeps a foothold in Indian refining. Chevron has not yet signed a crude supply and product off-take agreement with RIL to take forward its plans to increase its stake in RPL beyond the existing 5 per cent.
Police have arrested two persons, who allegedly tried to extort Rs 50 lakh (Rs 5 million) from Reliance Industries for withdrawing their petition filed in Bombay high court opposing the company's merger with group firm RPL.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
Amid the gloomy economic scenario, the $1.8-billion deal in China and the $1.7-billion RIL-RPL deal brought life to merger and acquisition activities in March in Asia, which were dull in the first two months of 2009.
Since Reliance senior counsel Janak Dwarkadas could not be present in the courtroom due to a medical emergency, the company sought adjournment, following which the tribunal agreed to hear the matter on April 16.
The power sector has been notorious for missing capacity addition targets and it remained just that in 2008.
When contacted, REL Investors Forum Secretary 'Veekay', whose name was mentioned on the release along with two other persons -- Prakash Krishnan and Anil Upadhyaya -- told PTI that the forum members include 60-70 shareholders of REL. Investors in REL are feeling cheated with ADA group company RPL's proposed public issue, it noted.
Directorate of Revenue Intelligence officials on Monday visited the Mukesh Ambani-promoted Special Economic Zone at Jamnagar to ascertain the area used for setting up the export zone.
A company executive, who did not want to be identified, said the combined debt of RIL and its subsidiary, Reliance Petroleum, which is being merged with it, would be brought down to around Rs 57,000 crore this year from Rs 72,000 crore at present.
Transcript of the market chat with Pranav Sanghavi.
Mukesh Ambani group company Reliance Petroleum may not have found much favour with investors during its nearly eight-month stay on the bourses, but the company has found mention in a list of the world's 15 biggest IPOs in 2006.
Mukesh Ambani-controlled Reliance Petroleum, which is coming out with an initial public offer to raise about Rs 6,000 crores
Reliance Petroleum Ltd on Monday announced its plan to enter the capital market with a public issue of 135 crore equity shares. \n
The entirely book-built IPO is likely to be introduced within a price band of Rs 57 to Rs 62.50.
Short term markets should remain volatile, says market expert Pranav Sanghavi.
Reliance Industries will export about 8-9 million tonnes of petroleum products or 33 per cent of Jamnagar refinery production this fiscal.
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