The Anil Ambani group asked on Wednesday market regulator Securities and Exchange Board of India to probe a "disinformation campaign" launched by some "vested interests" against the planned Reliance Power IPO, estimated to raise up to Rs 12,000 crore (Rs 120 billion).
"A formal complaint has been filed with Sebi to investigate the disinformation campaign launched against Reliance Power IPO," a Reliance ADA group spokesperson said in a statement.
"The suspects behind the disinformation campaign too have been named in the complaint filed with Sebi," the spokesperson said. The call for probe comes a day after the group refuted allegations by 'REL Investors Forum' that the planned IPO of Reliance Power will erode the value for REL shareholders.
Reliance Power plans to come out with an IPO of 160 crore shares to part-finance 12 proposed power projects envisaging an estimated investment of nearly Rs 100,000 crore (Rs 1,000 billion).
The IPO is being pegged as the biggest ever in India with total proceeds of about Rs 12,000 crore (Rs 120 billion). On Tuesday, a Reliance ADAG spokesperson had said that it was awaiting Sebi nod for the IPO even as some "vested interests" were trying to stall it.
The official said attempts were being made to engineer motivated litigation and the "campaign was motivated by frustration at continuing success and rising valuation of ADA Group". The spokesperson said forged letters by Members of Parliament based on false and baseless allegations were also part of the vicious campaign.
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