Market regulator Sebi (Securities and Exchange Board of India) has extended the IPO validity period to one year in its board meeting. Sebi Chairman CB Bhave said companies can use IPO funds only after allotment of shares. There will be no exits provided in debt funds. Shareholders with demat will get rights share in demat form. There will also be no early exit on close-ended MF schemes.
Source: Moneycontrol.com
Showing posts with label SEBI. Show all posts
Showing posts with label SEBI. Show all posts
Tuesday, December 23, 2008
Friday, September 12, 2008
SEBI Interim Order in IPO scam
SEBI has confirmed the directions in the interim order passed in 2006 against Mr Dushyant Natwarlal Dalal and Puloma Dushyant Dalal in the matter of irregularity in IPOs in 2003-05. No direction was issued against Rasila Natwarlal and Natwarlal Thakordas as they were no longer alive and in respect of the demat account of the two deceased persons it was directed they would remain frozen till the passing of the final order in this case, since the said account were found to b e jointly held with Mr Dushyant Dalal, reports The Hindu Business Line.
Source: Moneycontrol.com
Source: Moneycontrol.com
Friday, August 29, 2008
3 banks get SEBI nod for IPO money
Three banks - Corporation bank, Union Bank of India and HDFC bank - have received SEBI nod for offering the new payment facility for IPOs under SEBI’s new scheme where investor application money will not be blocked with the IPO issuer till allotment. It also does away with the refund process.
These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.
This process allows for a new mode of payment in IPOs wherein the application money of an investor will remain in an account until the allotment process. After the shares are allotted, only the amount of money required for payment for the allotted number of shares will be debited from the applicants’ accounts. These three banks are eligible to act as Self Certified Syndicate Banks (SCBS) in public issues which open on or after September 1, said a release issued by SEBI today. The respective banks have also announced the select bank branches where this facility will be available from September 1, 2008, reports The Hindu Business Line.
Source: Moneycontrol.com
These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.
This process allows for a new mode of payment in IPOs wherein the application money of an investor will remain in an account until the allotment process. After the shares are allotted, only the amount of money required for payment for the allotted number of shares will be debited from the applicants’ accounts. These three banks are eligible to act as Self Certified Syndicate Banks (SCBS) in public issues which open on or after September 1, said a release issued by SEBI today. The respective banks have also announced the select bank branches where this facility will be available from September 1, 2008, reports The Hindu Business Line.
Source: Moneycontrol.com
Wednesday, April 23, 2008
New IPO application forms to avoid manual intervention
SEBI’s Primary Market Advisory Committee (PMAC) has given an in-principle nod for initiating steps to ensure “no manual intervention” in the primary market issuance process.
The Minister of State for Finance, Mr Pawan Kumar Bansal, said in a written reply in the Rajya Sabha today that the PMAC has endorsed the suggestions of the Group on Review of Issue Process (GRIP) on this matter. GRIP had recommended modified application forms that can be submitted physically as well as electronically.
For transparency :
“These measures will enable faster and transparent processing of application forms leading to a reduction in the time gap between closure of an IPO and its listing,” Mr Bansal said.
Indications are that the proposed measures would be placed for approval before the SEBI Board, as part of reform process on the primary market. SEBI had advised the PMAC to review the entire issue process with an objective to reduce the time gap between closure of an IPO and its listing, reports The Hindu Business Line.
Source: Moneycontrol.com
The Minister of State for Finance, Mr Pawan Kumar Bansal, said in a written reply in the Rajya Sabha today that the PMAC has endorsed the suggestions of the Group on Review of Issue Process (GRIP) on this matter. GRIP had recommended modified application forms that can be submitted physically as well as electronically.
For transparency :
“These measures will enable faster and transparent processing of application forms leading to a reduction in the time gap between closure of an IPO and its listing,” Mr Bansal said.
Indications are that the proposed measures would be placed for approval before the SEBI Board, as part of reform process on the primary market. SEBI had advised the PMAC to review the entire issue process with an objective to reduce the time gap between closure of an IPO and its listing, reports The Hindu Business Line.
Source: Moneycontrol.com
Thursday, April 10, 2008
SEBI to discuss revised IPO guidelines on Apr 16
Market regulator, Securities Exchange Board of India, SEBI will meet on April to discuss revised IPO guidelines, reports CNBC-TV18 quoting NW18.
Source: Moneycontrol.com
Source: Moneycontrol.com
Sunday, March 30, 2008
Bharat Oman Refineries files IPO papers with SEBI
Bharat Oman Refineries (BORL) has filed a draft red herring prospectus with the Securities and Exchange Board of India on March 28, 2008 for its initial public offering (IPO). BORL intends to raise approximately Rs 3850 crore as the equity contribution for a refinery project at Bina. BORL is promoted by Bharat Petroleum Corporation (BPCL), a fortune Global 500 Company, with interests in downstream oil refining and marketing of petroleum products.
BORL is in the process of constructing a grassroots petroleum refinery in Bina in the state of Madhya Pradesh, at an approximate capital cost of Rs 10400 crore. The project is intended to he funded with a mix of debt and equity in the ratio of 1.6:1. BORL has entered into an agreement with a consortium of lenders that provides for the debt component of approximately Rs 6400 crore.
The present issued and paid-up equity share capital of BORL is Rs 151 crore, which is primarily comprised of equity shares held by BPCL and Oman Oil Company S.A.O.C. The remaining equity of Rs 3850 crore will be raised through the issue of equity shares to BPCL, the Government of Madhya Pradesh, certain investors pursuant to a pre-IPO placement and the public pursuant to the IPO.
The refinery is designed to have a crude oil processing capacity of 6 million metric tonnes per annum and a higher complexity factor of 9.1, as measured using the Nelson Complexity Index. The project also includes a crude oil importing and storage system in Vadinar in the state of Gujarat, consisting of a single point mooring facility that can receive crude oil shipments from very large crude carriers in sizes of up to 320,000 dead weight tonnage and a crude oil terminal with a capacity of 480,000 cubic meters. The crude oil terminal will be connected to the refinery through an approximately 935 kilometer long crude oil supply pipeline. The project also includes a 99 megawatt captive co-generation power plant that will meet the power and steam requirements of the refinery. Petroleum coke produced by the refinery will be utilised towards the fuel requirements for this power plant. The refinery is expected to commence commercial operations in or around January 2010.
BORL has entered into an off-take agreement with BPCL pursuant to which BPCL has agreed to purchase substantially all of the refinery's petroleum products. BPCL intends to construct a marketing terminal at Bina and a pipeline connecting the marketing terminal to its existing product pipeline to enable it to transport a portion of refinery's petroleum products through its existing distribution channels. BORL will draw upon BPCL's project execution skills to help BORL to complete the project on schedule. BORL expects to realize significant operational synergies with BPCL, including with respect to crude sourcing, operations and maintenance, marketing of petroleum products and sharing of petroleum-related infrastructure.
The Government of Madhya Pradesh has granted several financial benefits and fiscal concessions to BORL in connection with the construction and operation of the refinery.
BORL believes that its project strategies, such as the flexibility in the design for crude processing at the refinery, the superior product slate of the refinery, including premium quality auto fuels with ultra low sulfur specification (maximum), the strategic location of the crude import facility, freight advantages resulting from the inland location of the refinery and potential residue upgrade to value-added products will enhance its gross refining margins.
Source: Moneycontrol.com
BORL is in the process of constructing a grassroots petroleum refinery in Bina in the state of Madhya Pradesh, at an approximate capital cost of Rs 10400 crore. The project is intended to he funded with a mix of debt and equity in the ratio of 1.6:1. BORL has entered into an agreement with a consortium of lenders that provides for the debt component of approximately Rs 6400 crore.
The present issued and paid-up equity share capital of BORL is Rs 151 crore, which is primarily comprised of equity shares held by BPCL and Oman Oil Company S.A.O.C. The remaining equity of Rs 3850 crore will be raised through the issue of equity shares to BPCL, the Government of Madhya Pradesh, certain investors pursuant to a pre-IPO placement and the public pursuant to the IPO.
The refinery is designed to have a crude oil processing capacity of 6 million metric tonnes per annum and a higher complexity factor of 9.1, as measured using the Nelson Complexity Index. The project also includes a crude oil importing and storage system in Vadinar in the state of Gujarat, consisting of a single point mooring facility that can receive crude oil shipments from very large crude carriers in sizes of up to 320,000 dead weight tonnage and a crude oil terminal with a capacity of 480,000 cubic meters. The crude oil terminal will be connected to the refinery through an approximately 935 kilometer long crude oil supply pipeline. The project also includes a 99 megawatt captive co-generation power plant that will meet the power and steam requirements of the refinery. Petroleum coke produced by the refinery will be utilised towards the fuel requirements for this power plant. The refinery is expected to commence commercial operations in or around January 2010.
BORL has entered into an off-take agreement with BPCL pursuant to which BPCL has agreed to purchase substantially all of the refinery's petroleum products. BPCL intends to construct a marketing terminal at Bina and a pipeline connecting the marketing terminal to its existing product pipeline to enable it to transport a portion of refinery's petroleum products through its existing distribution channels. BORL will draw upon BPCL's project execution skills to help BORL to complete the project on schedule. BORL expects to realize significant operational synergies with BPCL, including with respect to crude sourcing, operations and maintenance, marketing of petroleum products and sharing of petroleum-related infrastructure.
The Government of Madhya Pradesh has granted several financial benefits and fiscal concessions to BORL in connection with the construction and operation of the refinery.
BORL believes that its project strategies, such as the flexibility in the design for crude processing at the refinery, the superior product slate of the refinery, including premium quality auto fuels with ultra low sulfur specification (maximum), the strategic location of the crude import facility, freight advantages resulting from the inland location of the refinery and potential residue upgrade to value-added products will enhance its gross refining margins.
Source: Moneycontrol.com
Tuesday, November 27, 2007
You may exit Kolte-Patil IPO if you wish
Sebi has asked Kolte-Patil to give option to all investors to withdraw application from IPO, reports CNBC-TV18.
Kolte-Patil has said that all investors have an option to withdraw application, if they desire, by December 4. The Sebi direction follows litigation in relation to the project, ‘Whispering Meadows II’. Kolte-Patil was to use part of the proceed for ‘Whispering Meadows II.
Kolte-Patil IPO was priced at Rs 125-145 and the IPO closed on November 22.
Girish Lakhe, Group CFO, Kolte-Patil Developers said that they have not seen any QIB or HNI pull out yet. Lakhe added that Kolte-Patil has the first right of ownership of 14,400 square feet of land. The company will write letters to all subscribers to the issue clarifying the matter, stated Lakhe.
Excerpts from CNBC-TV18’s exclusive interview with Girish Lakhe:
Q: Would you confirm that you have received a Sebi notice to allow withdrawals from your IPO?
A: We have received the notice from Mr Shastri, who sent a notice to us and to Sebi. Sebi has written a letter to us that we should give clarification on the notice and publish that in the newspapers and we have already done that. It has also given us an opportunity to write letters to all the people, who have subscribed to this IPO.
So, we are doing that. Basically, we have already published the notice and given the answers to Mr Shastri’s allegations. That was already published in the newspaper on Sunday. In the next three-four days, we have to write letters to all the subscribers of the issue to clarify the same thing, which has been explained in the advertisement.
Q: Could you just walk through the status of the litigation, as it stands for now, with regards to the project Whispering Meadows II?
A: The litigation is that there was a dispute between us and the NTI Society, which is a Bangalore-based society. We were supposed to deliver some 35,000 square feet of area to them, out of which we had already delivered 20,500 square feet.
The balance area was supposed to be 14,400 square feet, which we were supposed to deliver in phase II of this project. It was linked to some obligation that NTI has to perform. So, only 14,400 square feet is to be delivered to them.
But in the meantime, the NTI society conveyed the same property to Shastri, which was earlier conveyed to us. Then, there was arbitration between NTI and Shastri and the Supreme Court asked NTI to pay Rs 3.5 crore to Shastri to settle this dispute, which NTI did not do and Rs 3.5 crore was deposited in Supreme Court by us.
Q: So the point of contention right now is the 14,400 square feet of land. Who has ownership of this?
A: We have the first right of development on that. We have the ownership on that and we have to deliver this 14,400 square feet in phase II to NTI.
Q: Your issue was heavily oversubscribed on the QIB and HNI side. Since you have come out with this notice on the National Stock Exchange, have you got any QIB or High Net Worth individuals who have invested in IPO, who have already pulled out, apart from retail investors or does that part of the subscription remains untouched?
A: So far, no QIB has pulled out and no HNI has pulled out. There are some enquiries coming from the retail investors and we are already replying to them.
Source: Moneycontrol.com
Kolte-Patil has said that all investors have an option to withdraw application, if they desire, by December 4. The Sebi direction follows litigation in relation to the project, ‘Whispering Meadows II’. Kolte-Patil was to use part of the proceed for ‘Whispering Meadows II.
Kolte-Patil IPO was priced at Rs 125-145 and the IPO closed on November 22.
Girish Lakhe, Group CFO, Kolte-Patil Developers said that they have not seen any QIB or HNI pull out yet. Lakhe added that Kolte-Patil has the first right of ownership of 14,400 square feet of land. The company will write letters to all subscribers to the issue clarifying the matter, stated Lakhe.
Excerpts from CNBC-TV18’s exclusive interview with Girish Lakhe:
Q: Would you confirm that you have received a Sebi notice to allow withdrawals from your IPO?
A: We have received the notice from Mr Shastri, who sent a notice to us and to Sebi. Sebi has written a letter to us that we should give clarification on the notice and publish that in the newspapers and we have already done that. It has also given us an opportunity to write letters to all the people, who have subscribed to this IPO.
So, we are doing that. Basically, we have already published the notice and given the answers to Mr Shastri’s allegations. That was already published in the newspaper on Sunday. In the next three-four days, we have to write letters to all the subscribers of the issue to clarify the same thing, which has been explained in the advertisement.
Q: Could you just walk through the status of the litigation, as it stands for now, with regards to the project Whispering Meadows II?
A: The litigation is that there was a dispute between us and the NTI Society, which is a Bangalore-based society. We were supposed to deliver some 35,000 square feet of area to them, out of which we had already delivered 20,500 square feet.
The balance area was supposed to be 14,400 square feet, which we were supposed to deliver in phase II of this project. It was linked to some obligation that NTI has to perform. So, only 14,400 square feet is to be delivered to them.
But in the meantime, the NTI society conveyed the same property to Shastri, which was earlier conveyed to us. Then, there was arbitration between NTI and Shastri and the Supreme Court asked NTI to pay Rs 3.5 crore to Shastri to settle this dispute, which NTI did not do and Rs 3.5 crore was deposited in Supreme Court by us.
Q: So the point of contention right now is the 14,400 square feet of land. Who has ownership of this?
A: We have the first right of development on that. We have the ownership on that and we have to deliver this 14,400 square feet in phase II to NTI.
Q: Your issue was heavily oversubscribed on the QIB and HNI side. Since you have come out with this notice on the National Stock Exchange, have you got any QIB or High Net Worth individuals who have invested in IPO, who have already pulled out, apart from retail investors or does that part of the subscription remains untouched?
A: So far, no QIB has pulled out and no HNI has pulled out. There are some enquiries coming from the retail investors and we are already replying to them.
Source: Moneycontrol.com
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