Thursday, February 28, 2008

Sebi seeks clarification on 25 public offers

The Securities and Exchange Board of India has sought clarifications from lead managers of proposed IPOs of 25 firms, including Reliance Infratel, JSW Energy and Oil India that plan to raise money through share sale.

According to the latest processing status of draft offer documents filed with Sebi on or after April 1, 2007, clarifications are awaited from lead managers in relation to the draft offer document of 25 firms. These 25 firms include Reliance Infratel, Cox and Kings (India), JSW Energy, Oil India Ltd, Mahindra Holidays & Resorts and National Hydroelectric Power Corporation.

In terms of the Disclosure and Investor Protection Guidelines, 2000, Sebi may issue observations on a draft offer document filed with it within 30 days from the date of receipt of such draft offer document.

But it may seek any additional information or clarification in relation to the draft offer document from the merchant bankers and issue such observations within 15 days from the date of receipt of satisfactory reply. Anil Ambani group's tower business subsidiary Reliance Infratel had filed the draft prospectus with Sebi on February 4 for entering the capital market with a public issue of 8.91 crore equity shares.

JSW Energy also filed draft documents with the regulator for its maiden public issue of over 6.32 crore shares of Rs 10 each.

Source : Times of India