Mumbai: The Securities Appellate Tribunal on 14 January adjourned its hearing till 21 January, on complaints against Anil Ambani group’s $3-billion Reliance Power IPO, scheduled to hit the market tomorrow (15 January).
Earlier on 4 January, SAT had refused to stay the initial public offer, while saying that it would consider the issue on 14 January.
The public offer of 26 crore equity shares, estimated to raise close to Rs11,700 crore, 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 Rs10 at a premium and the book-building process would commence tomorrow at a price band of Rs405-450 a share. The bidding for allotment of shares in the IPO would close on 18 January.
Last week, the Supreme Court had said the IPO would go ahead even if there was any case against it.