Sebi has issued guidelines on Indian Depositary Receipts, or IDR, and fast track issues, reports CNBC-TV18.
It has amended DIP norms and issued eligibility norms for fast track issues. The minimum application value for IDR issue has been cut to Rs 20,000 from Rs 2 lakh. All categories of investors can apply for IDR issues and 50% is reserved for QIBs.
The reservation for existing shareholders is limited to individual retail shareholders. Listed firms meeting specified requirements can make FPO and rights issues.
Sebi has discarded special dispensation to DFIs and said that it has outlived its utility. The issue of proceeds report is not required for issues by financial institutions.
With regard to fast track issue, companies must be listed for at least three years. The average market capital of companies must be at least Rs 10,000 crore. Annualised trading turnover in the last six months must be 2% of listed shares
Source: Moneycontrol.com
Thursday, November 29, 2007
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