The Securities Appellate Tribunal (SAT) on Monday adjourned its hearing till January 21, in a case related to $2.5 billion initial public offering (IPO) by Reliance Power Ltd, a company belonging to Anil Dhirubhai Ambani Group (ADAG). An investor association based in Rajkot, Gujarat, had filed a petition against the launch of Reliance Power IPO and had sought a stay on its opening. The Reliance Power IPO is scheduled to hit the market on January 15 (Tuesday).

Earlier on January 4, SAT had refused to stay the IPO, while saying that it would consider the issue on January 14.

The public offer of 26 crore equity shares, estimated to raise close to Rs 11,700 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 Rs 10 at a premium and the book-building process would commence Tuesday. The shares will be offered in the of Rs 405-415 per share. The bidding process will conclude on January 18.

Last week, Supreme Court had said that the IPO would go ahead even if there is any case against it.

Source : financialexpress.com