Politicians agrue, public in favour of Reliance

Shillong, Jan 17 (UNI) Several investors in Meghalaya were keen to subscibe the IPOs of Reliance Power despite the politicians and NGOs questioning on the credential of power companies investing in the state.

Over a thousand investors have subscribed for the Initial Public Offerings (IPO) of Reliance Power thus witnessing a phenomenal foray of the hill state into the stock exchange.

''Normally, we receive 100-150 applications for a particular share. But over 1000 investors have applied for the Reliance Power share, which exceed our expectations,'' B K Bajoria, Director of local stock broking office here said.

There is only one stock-broker's office here, he said.

''Many people are coming forward to invest in shares these days mainly because of good returns on their investments,'' Mr Bajoria said.

On the excitement surrounding Reliance share, he added the 11,700-crore IPO priced at Rs 450 per share would be listed at Rs 800.

The Reliance IPO is India's biggest ever and has been subscribed 14 times so far.

Ironically, the Congress-led state government is facing opposition for striking a deal with six private companies to develop power projects in the state.

There is a public outcry against the deal with many questioning the credentials of the companies to build such power projects.

The Federation of A'chik Freedom (FAF), one of the NGOs opposing the agreement with signed between the government and one of the six private companies, mouth freshener manufacturing giant Dharampal Satyapal Group, arguing it has ''no prior experience in building power projects''.

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