IPOs of two ADAG companies delayed
Anil Dhirubhai Ambani Group (ADAG) chairman Anil Ambani has stated that the initial public offering (IPO) of two group companies, Reliance Infratel and Reliance Globalcom, will commence only after the volatility in the global and domestic markets subsides. However, as far as Reliance Infratel is concerned, the term granted by the Securities and Exchange Board of India (SEBI) for the public issue has already expired. This is because as per SEBI regulations, a company is required to close the IPO within 90 days of issuance of SEBI's observation on the draft red herring prospectus (DRHP), which, in the case of Infratel, was given on May 12, 2008. The company will now have to file a fresh DRHP.
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