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ADAG seeks Sebi probe into campaign against Reliance Power IPO

ADAG seeks Sebi probe into campaign against Reliance Power IPO
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First Published: Wed, Oct 24 2007. 04 41 PM IST
Updated: Wed, Oct 24 2007. 04 41 PM IST
PTI
New Delhi: The Anil Ambani group today asked market regulator SEBI to probe a “disinformation campaign” launched by some “vested interests” against the planned Reliance Power IPO, estimated to raise up to Rs12,000 crore.
“A formal complaint has been filed with SEBI to investigate the disinformation campaign launched against Reliance Power IPO,” a Reliance ADAG spokesperson said in a statement.
“The suspects behind the disinformation campaign too have been named in the complaint filed with Sebi,” the spokesperson said.
The call for probe comes a day after the group refuted allegations by REL Investors Forum that the planned IPO of Reliance Power will erode the value for REL shareholders.
Reliance Power plans to come out with an IPO of 160 crore shares to part-finance 12 proposed power projects envisaging an estimated investment of nearly Rs100,000 crore. The IPO is being pegged as the biggest ever in India with total proceeds of about Rs12,000 crore.
On 23 October, a Reliance ADAG spokesperson had said that it was awaiting Sebi’s nod for the IPO even as some “vested interests” were trying to stall it.
The official said attempts were being made to engineer motivated litigation and the “campaign was motivated by frustration at continuing success and rising valuation of the ADA Group.”
The spokesperson said forged letters by Members of Parliament based on false and baseless allegations were also part of the vicious campaign.
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First Published: Wed, Oct 24 2007. 04 41 PM IST
More Topics: Reliance | ADAG | Reliance Power | IPO | Corporate News |