Mumbai: The Securities Appellate Tribunal (SAT) on Monday adjourned its hearing till 21 January on complaints against Anil Ambani group’s Reliance Power Ltd’s IPO, scheduled to hit the market on Tuesday. Earlier on 4 January, SAT had refused to stay the IPO, 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. Its promoters Anil Ambani and Reliance Energy Ltd have already brought in their (promoters) contribution of Rs1,440 crore at Rs450 per share.
The bidding for allotment of shares in the IPO would close on 18 January.
PSEB invites bids for 1,320MW project
New Delhi: The Punjab State Electricity Board (PSEB) has invited bids from domestic as well as international developers for setting up a 1,320 MW power project at Rajpura.
The pre-qualification bids have been invited by Nabha Power Ltd, a wholly owned special purpose vehicle of PSEB, which has been appointed as the nodal agency for executing the bidding process. The proposed coal-based power project is proposed to be awarded on the basis of tariff-based competitive bidding. The project would be set up on a build, own and operate basis, PSEB said.
The state government is reported to have identified about 1,300 acres of land for the project.
Eicher may look at new engineering business
Mumbai:Eicher Motors Ltd, which has agreed to transfer its trucks division to a joint venture with Sweden’s Volvo, could possibly deploy the funds to create an engineering business, a top official said.
The company will get Rs400 crore in cash for transferring the truck and component business to the joint venture and is drawing up plans to use the money, managing director Siddhartha Lal said. “We do not want to compete against our own unit. It could very possibly be in engineering,” he said. Eicher’s component business currently produces auto parts for commercial vehicles. Other areas in engineering could include components for cars, bikes and industries.