SC refuses to stay Reliance Power IPO

The supreme court today refused to stay the Reliance Power IPO paving way for the country`s largest ever public offering to proceed without any hurdles. The company is a part of the R-ADAG group controlled by Mr. Anil Ambani. This company will undertake power projects in large scale to provid 28000 megawatts. There are eight such projects that the company has in its hand. After the IPO, the promoters stake in the company will come down to 90%. This move will make Anil one of richest man in world and he will surely give his elder brother a tough fight in the wealth front.