Flag bearer no more?

The undivided Reliance group had made the onerous task of raising money from the public into a fine art. Even in the era of tight controls on capital issues, the group managed to raise hundreds of crores through innovative methods, such as issue of convertible debentures. On occasions, the money raising came first and the projects came later, some analysts say. The group has regularly come up with public issues, each the largest of their respective times. Reliance Power, which raised Rs 11,700 crore, remains to date the largest private sector IPO. But luck seems to have run out, at least, for one half. While elder brother Mukesh has not approached the market in six years, Anil Ambani’s aborted attempt to raise $1.5 bn through an IPO of Flag Telecom completes a full circle for the darling of markets. A look at the Reliance floats and other recent successes in the global arena(Click on graphic)