SEBI nod for Reliance Powers IPO

Written by Agencies | Mumbai,, December 28: | Updated: Dec 28 2007, 22:22pm hrs
Anil Ambani group on Friday got the regulatory go-ahead from SEBI for the public issue of Reliance Power Ltd -- the groups first IPO and estimated to raise about 3 billion dollars, the highest ever proceeds in India.

Securities and Exchange Board of India has issued its observations on the draft prospectus of RPL, while clearing the way for IPO, sources close to the development said.

The public offer by the ADAG firm Reliance Energys subsidiary is expected to be launched early next year and could raise over three billion dollars, eclipsing the public issue of reality giant DLF, which had raised more than two billion dollars and is the biggest ever IPO so far.

The go-ahead comes a day after SEBI disposed off a complaint against the IPO, while saying that the entire promoter quota, that is, 20 per cent of the capital in RPL shall be locked in for a period of five years from the date of allotment in the proposed IPO.