SC Clears Reliance Power IPO

Anil Ambani''s Reliance Power has won a major reprieve on Jan 9 after the Supreme Court cleared the way for the company''s mega Initial Public Offer.The court on Jan 9 stayed the Gujarat high court proceedings against the launch of the IPO. Reliance Power intends to raise Rs 10,500 crore through what is tipped as the country''s biggest IPO. The petition against the IPO also went to the Bombay high court and then to Securities and Exchange Board of India. The court had on Jan 8 refused to hear a plea against the acquisition of land for Reliance power''s proposed project in Uttar Pradesh. In a complaint to SEBI, the Anil Ambani group has accused over a dozen top officials and associates of the Mukesh Ambani-led Reliance Industries of trying to sabotage the IPO.