Supreme Court Seeks High Court Verdict in Reliance Spinning Mills IPO Case

The Supreme Court has ordered the retrieval of the Patan High Court’s verdict in a case related to the IPO of Reliance Spinning Mills Limited, which is preparing to issue shares to the general public. The order was issued in response to a writ petition filed by Khagendra Raj Kandel against the Ministry of Finance, the Securities Board of Nepal, and other concerned bodies.

Investors had earlier approached the Patan High Court alleging irregularities in the company’s IPO process. After the High Court ruled in favor of Reliance Spinning Mills, dissatisfied investors moved the Supreme Court seeking further review.

Meanwhile, the Securities Board of Nepal has already moved forward with the IPO process. The company has completed the issuance and allotment of shares for Nepali citizens working abroad. Reliance Spinning Mills is now set to open its IPO for the general public from Poush 7. Priced at NPR 820.80 per share, this IPO is considered the most expensive public offering in Nepal so far.