i Develop Stocks Advisory

SAT dismisses appeal against RPower’s IPO The Securities Appellate Tribunal (SAT) gave on Monday a clean chit to Anil Ambani’s firm Reliance Power for its initial public offer (IPO) saying the company had made all disclosures about shares acquired by promoters at face value. Dismissing the petition by a Rajkot-based investors’ association, the SAT said: “ RPL had made all disclosures about shares acquired by promoters at face value and still the issue was oversubscribed.” Public shareholders had taken an informed decision when they applied for shares in the IPO, SAT said here. The tribunal also said that the appeal had infructuous as the IPO had gone through on orders of the Supreme Court. RPL had come out with a nearly Rs 11,000-crore IPO, the largest ever in the country, in January 2008.