Reliance Power IPO to continue: SC

New Delhi, Jan 11: The Supreme Court today cleared all hurdles in the way of launching of Reliance Power Ltd IPO on January 15 and ruled that the IPO will go on even if stay order has been passed by any court in the country.

A Bench, comprising Chief Justice K G Balakrishnan, Justice R V Raveendran and Justice J M Panchal also ruled that no order issued by any court or any authority in the country, even passed till January 15, shall come in the way of the launching of the largest IPO in the country by the Reliance Group, headed by Anil Ambani, aimed at generating 2800 mega watts of power in the country.

It may be noted here that early this week the apex court had stayed the proceedings pending in the Gujarat High Court on a petition filed by the Reliance Power Ltd.

According to the Reliance group, crores of application forms have already been sold to the prospective investors and the IPO has also been presented to leading financial institutions across the globe.

UNI