Reliance Power promoters move HC against Edelweiss in pledged share sale case

Mumbai: The promoters of Reliance Power Ltd on Monday moved a division bench of Bombay high court to stop the Edelweiss Group from selling its pledged shares, after a single-judge bench last week dismissed its petition on the matter.

Four financial institutions had sold the pledged shares of Reliance Group companies in the first week of February, leading to a crash in their share prices. The Reliance Group says the sale, which hammered the market capitalization of its group companies by ₹13,000 crore, was illegal.

“The group (ADAG) has reached an agreement with more than 90% of lenders under which they won’t sell any shares pledged by promoters until September. This is a new development since we have challenged the earlier order.