SAT gives go ahead for Reliance Power IPO

New Delhi, Jan 4 (UNI) The Securities Appellate Tribunal (SAT) today refused to stay Reliance Powers proposed IPO, after a section of its shareholders had appealed against a SEBI order dated December 27, 2007.

Some 159 complainees, mainly under the banner of Rajkot Saher Jilla Grahak Suraksha Mandal had filed an appeal on December 31, 2007.

The said appeal appeal up for hearing today and SEBI was asked to be present before the Tribunal if it desires.

Anil Ambani-promoted Reliance Power Ltd will enter the capital markets on January 15 to raise about Rs 10,500-11,500 crore to fund the construction of its power plants across the country.

The firm, in which Reliance Energy has a 50 per cent stake, received the final approval from the Securities and Exchange Board of India (SEBI) yesterday for issuing 260 million shares.

The price band of the issue is in the range of Rs 405-450, a statement said.

The country's biggest IPO will close on January 18.

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