MUMBAI: The Anil Ambani group company Reliance Power has filed a complaint with market regulator SEBI for investigating a campaign against the company’s public offer. The company is awaiting SEBI’s nod for the initial public offering (IPO), which is expected to hit the market by the first week of November.
Fourteen people, including a few brokers, have been named in the complaint. A REL spokesperson said the company has filed a formal complaint with SEBI to investigate the campaign launched against Reliance Power’s IPO.
Reliance Energy and the investment vehicle of Anil Ambani group, AAA Projects Ventures, hold 50% each in Reliance Power. Post-issue, both the companies will hold 45% each. Reliance Power has proposed an IPO of 130-crore equity shares of Rs 2 each for cash at a premium to be decided through a 100% book-building process.
“There were rumours in the market that SEBI has quashed the DRHP of Reliance Power. Immediately after that, the grey market trading of Reliance Power shares had stopped. In addition to it, a few politicians have questioned the transferring of projects from REL to Reliance Power.
They complained that REL shareholders have not been consulted for the proposal to transfer all the projects from the company to Reliance Power. Now, they seem to have withdrawn their statements against the company,” said market sources.
SEBI has written to the company asking clarifications for two statements made in DRHP. “SEBI has asked two normal queries and the company responded to it immediately,” said a company source.
Reliance Power has also sought SEBI permission to price its proposed offer at less than Rs 500. SEBI norms stipulate that the price of company shares should be above Rs 500, if it has a face value of less than Rs 10 per share.
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