IPO Case Studies CA VIVEK JAIN

Size: px
Start display at page:

Download "IPO Case Studies CA VIVEK JAIN"

Transcription

1 IPO Case Studies CA VIVEK JAIN

2 Objective To give insight into the Applicable Guidelines, Issue Process and Critical Issues pertaining to the Initial Public Offer (IPO) based on the Practical Case Studies Page 2 of 43

3 Agenda IPO IPO Process and and Timeline Eligibility and and Listing Listing Criteria IPO IPO Size Size and and Promoters Contribution Key Key Regulations Restructuring IPO IPO Valuation Methodology Pre-Issue Placements Underwriting IPO IPO Grading Green Green Shoe Shoe Option Option Fast Fast Track Track Issues Issues Page 3 of 43

4 IPO A Complex Process Book Runners MOU Listing Agreements Listing Agreements International Wrap International Wrap Offerors PoA Software usage agreements Agreements with Stock Exchanges Syndicate Agreement ISSUER COMPANY Depository 3- Tri-party agreements Agreements Registrars MoU Underwriting Agreement Red DRHP Herring Prospectus RHP Prospectus CAN Escrow Agreement Page 4 of 43

5 IPO Process Pre Issue Marketing Post Issue Due Diligence Drafting of Prospectus IPO Grading Statutory Approvals Appointing Intermediaries Valuation and Pricing Marketing Strategy Arranging Firm Allotments Circulating Quality Research Report Printing and Distribution of Stationery Timing of Issue Media Strategy for Wide Publicity Road shows Press Brokers Analyst One to One Meets Analyst Meets / Plant Visits NRI Investors Retail Distribution Advertising campaigns Positioning & Marketing to Institutional & Retail Investors Price Discovery Finalizing Basis of Allotment Documentation with Depositories Credit into Investor Accounts Listing Approvals from the Stock Exchanges Post Issue Research Support for Sustained Coverage Long term value Creation Page 5 of 43

6 IPO Timeline W1 W3 W5 W7 W9 W11 W13 W15 W17 W19 W21 W23 W25 Appointment of Merchant Banker Due Diligence of Company Preparation of Offer Document Appointment of Intermediaries Marketing Strategy Development SEBI Filing and Observations Stock Exchanges Formalities Decide Pricing & File with ROC Distribution of Stationery Issue Marketing Issue Period Basis of Allotment Despatches and Payouts Listing Formalities Complete Post Issue Reports Page 6 of 43

7 Eligibility Criteria for IPO Eligibility Criteria for Unlisted Companies Category I Net Tangible Assets, Profitability and Net Worth Track Record Net Tangible Assets Rs. 3 Crores (3 Years) + Track Record of Distributable Profits Sec 205 of Cos. Act (3 / 5 Years) + Net Worth Rs. 1 Crore (3 Years) + IPO Size <= 5X Pre-issue Networth Category II (Companies Not Falling under Category I) (a) Issue through Book Building Route at least 50% Allotted to QIBs OR + Participation by FIs / Banks >= 15% of Project (10% from Appraisers) + (b) Minimum Post Issued Capital Rs. 10 crores OR Compulsory Market Making >= 2 years (Min 300 Shares) +10% Quote end 5% Inventory Page 7 of 43

8 Exemptions - Eligibility Criteria Banking Company under Section 5 of Banking Regulation Act, 1949 Correspondent New Bank Infrastructure Company whose Project is Appraised by a PFI / IDFC / IL&FS or Bank which was earlier an PFI 5% of the Project Cost is Financed by Appraiser(s) / Institutions Jointly or Severally Rights Issues Exemptions from Eligibility Norms Page 8 of 43

9 Listing Criteria Sr. No. Particulars Large Cap BSE Small Cap NSE 1 Minimum Post Issue Capital Rs. 3 Crs Rs. 3 Crs Rs. 10 Crs 2 Minimum Issue Size Rs. 10 Crs Rs. 3 Crs - 3 Minimum Market Capitalisation Rs. 25 Crs Rs. 5 Crs Rs. 25 Crs 4 Minimum Turnover - Rs. 3 Crs (3 Years) - 5 Minimum Allottees 1,000 Nos. 1,000 Nos. 1,000 Nos. Effective Date : August 1, 2006 Page 9 of 43

10 Issue Size Minimum Issue Size >= 10% or 25% as the case may be of each kind of securities are offered to the Public through Advertisement in the Newspapers 10% of Size Offer Pursuant to Exemption u/s 19 (2)(b) of SCRR, 1957 Minimum 20 lakh securities to be offered Minimum Issue Size of Rs. 100 Crs Issue through Book Building Allocation of 60% of Issue Size to QIBs Page 10 of 43

11 Promoter s Contribution Promoters Contribution Lock-in Requirements (Unlisted Companies) Public Issue by Listed Companies Promoter s Contribution and Lock-in Requirements Not less than 20% of Post Issue Capital Securities Ineligible for Computation of Promoters Contribution Acquired for consideration other than Cash and Revaluation of Assets or Capitalization of Intangible Assets in last 3 years Bonus Issues out of Revaluation Reserves or Reserves without Accrual of Cash Resources in last 3 years Issued to the Promoters at a Price Lower than the IPO Price during the preceding One year from the date of SEBI filing, unless the difference in price is brought in Entire Pre-issue Capital locked-in for One year from date of allotment in IPO or Commencement of Commercial Production, whichever is later. Transfer of Locked-in shares among pre-issue shareholders allowed, provided lock-in continues with transferee Promoter s holding up to 20% of Post-issue Capital Locked-in for Three years and excess Promoter s Holding locked-in for One year on LIFO basis No requirement for Promoters Contribution if company listed for Three Years and has paid Dividends for last Three Years In case of Excess over Minimum Promoter's Contribution, will attract Preferential Issue Guidelines Page 11 of 43

12 Key Regulations Book Building Guidelines Allotment Bidding On-line Display Price Discovery Allotment on Proportionate Basis to all categories 50% allocation to QIBs 15% to Non-Institutional Investors applying for an amount > Rs. 1,00,000 35% to Retail investors applying for an amount of <= Rs. 1,00,000 Spill-over permitted amongst all above categories including the reserved categories Bidding Mandatory on Electronically-linked Platform of the Stock Exchanges Bidding Terminals at all Centers where there is a Stock Exchange On-line, Real Time Graphical Display of Demand and Price at the Bidding Terminals is mandatory Bidding Permitted by using a Price Band having 20% Range Price Band during the Bidding Period can be revised within a 20% band, provided Book is kept open for 3 days after Revision Bidding at different Price Levels Permitted (3 Price Bids) Retail Investor may Bid at CUT-OFF Page 12 of 43

13 Key Regulations Book Building Guidelines Margin Collection Bidding Period Offer Document Freedom to determine Margin amount collected with bids from QIBs subject to a Minimum of 10% Minimum 10% for QIBs and uniform for other Categories or 100% QIBs cannot Withdraw Bids after Bid Closure Date DIP Guideline (i) Mandatory Period of Three Working Days and up to Seven Working Days In case of Revision in Price Band Maximum of Ten Working Days ( Clause (viii) (d) Maximum of Thirteen Days) Rule 19 (2) (b) of SCRR, 1957 Two Working Days Red Herring Prospectus filed with RoC with Price Band used for bidding Prospectus filed along with Discovered Price post bidding Page 13 of 43

14 Restructuring Essential Ingredient of IPO Complete all Capital Restructuring Exercise before going to the Market Capital and Corporate Restructuring Promoter / Promoter Group Holdings Split of Shares (Clause (i)(a)) No restriction on Face Value of shares if issue price is higher than Rs.500/- subject to minimum of Re.1/- Face value of shares to be Rs.10/- if issue price is less than Rs.500/- Consolidation or De-merger of Companies Holding structure of the Company or Group of Companies Leverage Position of the Company Market Prefers a Clean Company and Places Higher Value Track Record of the Promoters and Associate Companies Page 14 of 43

15 Tantla Solutions (Dec 2006) Book Built Issue Bid Opening Date Monday, December 11, 2006 Bid Closing Date Thursday, December 14, Cr equity shares of Rs. 2/- each Price Band of Rs. 230/- Rs. 265/- Background of the Case Existing Promoters Acquired the company in and commenced business related to SMS Centre and WAP Gateway (Pursuant to the provision of SEBI (SAST) Regulations, 1997) Name changed to Tantla Solutions from earlier Prism Foods Limited (Incorporated as Maruti Dairy Products Limited) Listed on Hyderabad, Ahmadabad and Madras Stock Exchange Further Listing sought on BSE and NSE Page 15 of 43

16 Tantla Solutions (Dec 2006) Declared as Vanishing Company by Co-ordination and Monitoring Committee ( CMC ) Joint Initiative of Ministry of Company Affairs ( MCA ) and SEBI Takeover under SEBI (SAST), Regulation, 1997 Completed Change of Business in 2000 Critical Issues January, 15, 2004 Removal from the list of Vanishing Companies Change in Face Value from December 2005 from Rs. 10/- to Rs. 2/- Earlier Promoters A and B were Prohibited by SEBI from Dealing in and Accessing Capital Markets Company was Suspended during December 1999 to April 2000 Approval Process was Extended to almost One Year DRHP date December 3, 2005 Issue finally opened in December 2006 Page 16 of 43

17 IPO Valuation Methodology Pre-IPO and Post IPO valuation Pre-money Valuation Valuation of the Company on an as-is-where-is basis Valuation assuming that the Current set of Activities Continue Post-money Valuation Pre-money Valuation + Value of Primary Funds raised in the IPO or Valuation based on Projections including the Projects in which the Issue Proceeds are Deployed Pre-IPO Plays Important aspect in Valuation Creates Benchmarks Improves Perception Perception that a reputed Investor has done due-diligence and invested a significant portion sets benchmark Valuation Eg: M&M Financial, Suzlon, Cairn India Page 17 of 43

18 IPO Pricing Free Pricing Differential Pricing Firm Allotment to be at a Price equal to or Higher than IPO Price Composite Issue Public Issue Valuation Methodology Discounting Cash Flows Trading Multiple P/E Multiple EV / EBIDTA NAV or Price to Book Value Multiple Return on Net worth Transaction Multiple Page 18 of 43

19 Valuation Methodology Discounted Cash Flow (DCF) Analysis Trading Multiples Transaction Multiples Net Asset Value (NAV) Fundamental or Theoretical valuation Estimates firm s value by discounting expected free cash flows at a rate which reflects the risk of the cash flows Terminal Value Perpetuity Discount Factor (The resulting free cash flows at a cost of capital that reflects company specific risk) Market Valuation Investors view on prospects of an entire industry sector and specific companies Considerations for peer group include similar size, life of assets and similar management quality Difficult to establish peer group on account of diverse business activities Acquisition related Valuation Applies Multiples of related Industry Transactions to the valuation of a business Measures Premium paid for Acquiring Control and places value on intangible strategic factors Useful when the historical costs of assets purchased is not comparable to its Current Market Value NAV is based on Expected Future Cash Flows the market expects from the asset Two Methods Replacement Cost Future Cash Flows Page 19 of 43

20 Pre-IPO Placements Further Issue of Shares Company is prohibited to make further issue of Capital after filing a Draft Offer Document with SEBI till the listing of the shares referred in offer document Now permitted to issue further shares, provided full disclosure in regards to total capital to be raised is given in Draft Offer Document (Circular dated March 31, 2006) Page 20 of 43

21 Reliance Petroleum (Apr 2006) Book Built Issue Background of the Case Issue opened on Thursday, April Issue closed on Thursday, April In DRHP, RPL had proposed to offer 180 Cr shares Rs. 2,700 Crs raised through Pre-IPO placement of 45 Crs equity shares at Rs. 60/- Shares locked-in for One Year from date of Allotment 90 Cr equity shares were subscribed by RIL one day prior to issue opening at Rs. 62/- -- Total Promoters Contribution Rs. 5,580 Crs IPO Available to the Public was 45 Crs shares with price band of Rs. 57/- Rs. 62/- per share Issue Size - Rs Crs Page 21 of 43

22 Reliance Petroleum (Apr 2006) Critical Issues First Company to Utilise the Pre-IPO Placement Guidelines (Circular - March 31, 2006) after filing of DRHP with SEBI (10% of the Total Post Issue Capital) Pre IPO amount in Excess of Rs. 60/- per share would be refunded to the Investors (20 nos.) Final Allotment at Rs. 60/- per shares against Price Band of Rs. 57/- to Rs. 62/- per Share Page 22 of 43

23 Underwriting Hard Underwriting Underwriter agrees to buy his commitment at its earliest stage Guarantees a fixed amount to the issuer from the issue If the shares are not subscribed by investors, the issue is devolved on underwriters and they have to bring in the amount by subscribing to the shares Soft Underwriting UNDERWRITING = INSURANCE Underwriter agrees to buy the shares at later stages as soon as the pricing process is complete Subsequently, he places those shares with Institutional Investors Also holds an option to invoke a force majeure (acts of God) clause In case there are certain factors beyond the control that can affect the underwriter's ability to place the shares with the buyers Page 23 of 43

24 Underwriting Conditions Compulsory for Book Built Issue for Net Offer to the Public Incase of Companies making IPO under Clause Underwriting 50% Not compulsory for Fixed Price Issue Minimum 5% or Rs.25 Lacs whichever is Less 20 times the Net worth of the Underwriter BRLM to enter into Underwriting Agreement with Issuing Company Syndicate Member to enter into Agreement with BRLMs Page 24 of 43

25 IPO Grading (Unlisted Companies) IPO Grading Compulsory from May 1, 2007 Five-point point scale Higher score indicating stronger Fundamentals and vice versa All the grades to be disclosed Activity to run parallel to the filing of draft offer document Price of the IPO not taken into account for Grading IPO Grade : Price Matrix First IPO Grading High Grade High Price High Grade Low Price CRISIL Kiri Dyes and Chemicals Ltd 2/5 (Subscription 1.3 times) Low Grade High Price Low Grade Low Price ICRA SRS Entertainment 2/5 Page 25 of 43

26 IPO Grading (Unlisted Companies) Business Prospects and Competitive Position Industry Prospects Company Prospects Financial Position Management Quality Factors Considered for IPO Grading Corporate Governance Practices Compliance and Litigation History New Projects Risks and Prospects Key Components of Investment Decision Fundamental Analysis Returns Analysis Investor Preference Page 26 of 43

27 BluPlast Industries (June 2006) Fixed Price Issue Rs.10/- plus Rs. 22/- (1.1 Crore shares) Issue Opened on Monday, June 5, 2006 Issue Closed on Friday, June 9, 2006 Not Underwritten Background of the Case Forthwith Refund the application money if Minimum Subscription not received (Clause and ) Critical Issues Underwriting is Not Compulsory in Fixed Price Issue (Clause ) Should Issue Company Underwrite? Yes. It acts as Insurance Extension of Time upto Twenty One Days Page 27 of 43

28 Emaar MGF (Feb 2008) Background of the Case Book Built Issue (Grade 4/5 by CARE) Bid Opening Date Friday, February 1, 2008 Bid Closing Date Wednesday, February 6, 2008 Bid Closing Date Extended Monday, February 11, 2008 Withdrawal on Friday, 8 February 2008 Offer to Public % Original Price Band: Rs. 610/- to Rs. 690/- First Revision : Rs. 540/- to Rs. 630/- Second Revision: Rs. 530/- to Rs. 630/- Issue Size Rs. 7,077 Crs (Higher End of Price Band) Revised Issue Size Rs. 5,436 Crs (Lower End of Price Band) Page 28 of 43

29 Emaar MGF (Feb 2008) Critical Issues Book Built Issues Compulsory Underwriting (Clause ) Pre-IPO Placement 1.5% (Circular dated March 31, 2006) Extension of Time 3 Days (Max of 13 Days) Maximum Revision in Price + 20% w.r.t. Floor Price ( (viii)(b)) Revision in Price Band 13.12% (w.r.t. Floor Price) Rule 19(2)(b) of SCRR, Minimum 60% allotment to QIBs Page 29 of 43

30 Wockhardt Hospitals (Jan 2008) Background of the Case Book Built Issue (Grading 4/5 by FITCH) Bid Opening Date Thursday, January 31, 2008 Bid Closing Date Tuesday, February 5, 2008 Bid Closing date Extended Thursday, February 7, 2008 Issue Withdrawn on - Thursday, February 7, 2008 due to poor response to Issue Original Price Band Rs. 280/- to Rs. 310/- Revised Price Band Rs. 225/- to Rs. 260/- (On January 30, 2008, before Issue opening) Page 30 of 43

31 Wockhardt Hospitals (Jan 2008) Compulsory Underwriting Provision of Pre-IPO placement in RHP, but no placement done before issue Extension of Time Two Days (Before the Date of Opening of the Bids) Revision in Price + 20% w.r.t. Floor Price (Clause (viii)(b)) Revision in Price Band 19.64% (w.r.t. Floor Price) 50% allocation to QIBs Critical Issues Page 31 of 43

32 Deccan Aviation (May 2006) Book Built Issue for Crs shares Bid Opening Date Thursday, May 2006 Bid Closing Date Tuesday, 23, 2008 Background of the Case Price Band of Rs. 150/- to Rs. 175/- per share First Indian IPO to ever get extended Meant to close on May 23, 2006 but the date was extended till May 26, 2006 Price band was also changed Marginally to Rs. 146/- to Rs. 175/- per share Deccan Aviation IPO had been Subscribed 1.23 on closure (May 26, 2006) Page 32 of 43

33 Deccan Aviation (May 2006) Revision in Price Critical Issues Extension of Time Friday, May 26, 2006 (Three Days) Does it mean that the Issuer Company cannot extend the Time if there is No Revision? End Result Issue was Subscribed Page 33 of 43

34 Green Shoe Option Stabilisation of Post Listing Price Agreement of Stabilizing Agent with Promoter or Pre-Issue Shareholder for Borrowing Shares for Price stabilization Excess Allotment upto 15% of the Total Issue Size to Stabilizing Agent Disclosure on : Name of SA Stabilisation Period : 30 Days Maximum increase in Capital in case of Allotment of shares Maximum Amount to be received by the Issuer Company in case of Further Allotment Separate GSO Account Amount to be Maintained Step I Over-allotment Step II II Sourcing of Additional Shares by SA Step III III Stabilisation Process Security trades Security trades Down on on Listing Up on on Listing Page 34 of 43

35 ICICI Bank ( Dec 2005) Book Built Issue Bid Opening Date Thursday, December 1, 2005 Bid Closing Date Tuesday, December 6, 2005 Stabilising Agent JM Morgan Stanley under Green Shoe Option Concept Price Stabilisation Background of the Case Critical Issues Process: Issue Size 1,00,000 shares Green Shoe Offer 10,000 shares Total Offer 1,10,000 shares Page 35 of 43

36 ICICI Bank ( Dec 2005) Capital Structure (Scenario I) Purchase 2,500 shares Remittance to Lender-7, ,500 shares Final Capital Structure 1,07,500 shares Critical Issues Capital Structure (Scenario II) Purchase 10,000 shares Remittance ,000 shares Final Capital structure 1,00,000 shares Capital Structure (Scenario III) Purchase Nil shares Remittance 10, shares Final Capital structure 1,10,000 shares Page 36 of 43

37 D. S. Kulkarni Developers (Apr 2008) Background of the Case COMPOSITE ISSUE of 1.10 Crs Equity Shares of Rs. 10/- each aggregating Rs Crs Rights Issue 55,00,000 Equity Shares of Rs. 10/- each for cash at a premium of Rs. 100/- per Equity Share Rights Issue of Rs Crs Ratio One Rights Share for every Two Shares held (1 : 2) Offer Opened on : March 30, 2006 Last date for receiving request for Split Forms : April 15, 2006 Offer Closed on : April 29, 2006 Public Issue 55,00,000 Equity Shares of Rs. 10/- each for cash at a price of Rs. 275/- per Equity Share Public Issue of Rs. 151 Crs Issue Opened on : April 25, 2006 Issue Closed on : May 3, 2006 Page 37 of 43

38 D. S. Kulkarni Developers (Apr 2008) Critical Issues Differential Pricing (Clause of (DIP) Guidelines, 2000) Can we have Rights Issue Under Book Building Route? Can we have Rights Issue at a Fixed Price and Public Issue under Book Building Route or Vice versa? Gap between the Dates of Closure of the Public Issue and Rights Issue in a Composite Issue (MS Shoes Issue in 1995) Page 38 of 43

39 Balaji Teleflims (Oct-Nov-2001) Background of the Case 28 Lac equity shares at a price of Rs. 130/- per share through the 90% book building route Book Building Portion of the Issue 6th October 2000 to 12th October 2000 Fixed Price Portion of the Issue 27th October 2000 to 3rd November 2000 Disclosure in the Offer Document dated 20th October No intention to alter its Capital Structure within a period of Six Months Proposal of Merger of BTL with Nine Network Entertainment India Pvt. Ltd. in the Board Meeting on 21st November 2000 Lead Managed by one of the Five Top Merchant Bankers Co-Managers: Two of the Leading Merchant Bankers Page 39 of 43

40 Balaji Teleflims (Oct-Nov-2001) Failure to exercise Due Diligence Critical Issues Lead managers came to know about the Merger Proposal on 21st November, 2000 Not alerted the Regulatory Authority as soon as they came to know SEBI (Merchant Bankers) Regulation 1992, Code of Conduct for Merchant Bankers Clause states No further Issue Capital till all formalities are completed Show Cause Notice to Merchant Bankers by SEBI Warning Issued Page 40 of 43

41 Fast Track Issue Amendment on November 29, 2007 Clause and Filing of Offer Document Not Applicable Listed > 3 years w.r.t. Reference Date Average MCap >= Rs. 10,000 Crs. for One Year (upto previous quarters) Trading Turnover >= 2% (Six months preceding the month of Reference Date) >= 95% of Inventors Grievance Redressed (Quarter preceding the month of Reference Date) Compliance with Listing Agreement 3 Years Qualification by Auditors <= 5% Impact on Net Profit (respective year) No prosecution by SEBI against the Issuer Company s Promoters and Whole-time Director Page 41 of 43

42 Fast Track Issue Promoter Group Holding 100% Dematerialised Form Notes : Reference Date Date of Filling of RHP / Prospectus with ROC Reference Date Rights Issue Date of filling of Letter of Offer with Designated SE Average MCap Daily MCap (of Public Shareholdings) No. of Trading Days Page 42 of 43

43 Thank You CA VIVEK JAIN

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS Options for Raising Funds Fund Raising Options Debt Equity Hybrid In India From Banks & FIs Public issue of Bonds/Debentures IPO FPO Rights Issue Various

More information

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD PART I: ELIGIBILITY REQUIREMENTS Reference date 4. Unless otherwise provided in this Chapter, an issuer making an initial public offer of specified securities

More information

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000]

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] Payel Jain Academy of Financial Services Pvt. Ltd PUBLIC OFFER-

More information

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING UNDER SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 Table of Contents A. Eligibility Requirements for IPO B. Process of IPO C. Key Requirements of SEBI ICDR

More information

PRACTICAL AND REGULATORY ASPECTS OF IPO

PRACTICAL AND REGULATORY ASPECTS OF IPO PRACTICAL AND REGULATORY ASPECTS OF IPO 17 th March 2018 Rajesh A Company Secretary and Compliance Officer Aster DM Healthcare Preliminary check for IPO If the issuer, any of its promoters, promoter group

More information

NISM Series IX: Merchant Banking Certification Examination. Test Objectives

NISM Series IX: Merchant Banking Certification Examination. Test Objectives NISM Series IX: Merchant Banking Certification Examination Test Objectives Chapter 1: Introduction to the Capital Market 1.1 Introduction to the Indian Capital Market 1.1.1 Explain the Capital market structure

More information

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing Glossary: S.No. Particulars 1 Applicable ICDR Regulations 2 SEBI Chapter XB regulations 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing 5 Flow Chart 6 Roadmap at Macro Level 7 Practical difficulties

More information

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4 One Chairman By CG by issuing a notification in the Official Gazette. HO at Mumbai SEBI is a body corporate having perpetual

More information

Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations.

Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations. Public offering of securities India Synopsis Introduction IPO Unlisted Companies General conditions for doing an IPO in India IPO Process Issues PIPEs & QIPs Listed Companies Overview of Investments &

More information

PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC.

PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC. PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC. Minimum offer to public. 41. 84 [ The minimum net offer to the public shall be subject to the provisions of clause (b) of sub-rule (2) of rule 19 of

More information

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA CHAPTER 4 REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA This chapter presents the regulatory framework governing the issuance of IPOs through public offer, book building and online route.

More information

The SEBI ICDR and Listing Regulations checklists

The SEBI ICDR and Listing Regulations checklists The SEBI ICDR and Listing Regulations checklists February 2018 KPMG.com/in Foreword Introduction Planning for an IPO is like conducting a symphony it has several facets, each intrinsically linked to the

More information

Primary Market. Introduction ISMR. Trends. Primary Market

Primary Market. Introduction ISMR. Trends. Primary Market 27 ISMR Introduction Primary market provides opportunity to issuers of securities, Government as well as corporates, to raise resources to meet their requirements of investment and/or discharge some obligation.

More information

IFLR India Awards "Team of the Year" in the Indian Investment Banks category. Primary and Secondary Issuance Process

IFLR India Awards Team of the Year in the Indian Investment Banks category. Primary and Secondary Issuance Process IFLR India Awards 2011 - "Team of the Year" in the Indian Investment Banks category Primary and Secondary Issuance Process May 2012 Table of Contents Section 1 Section 2 Capital Markets Overview Trends

More information

CIRCULAR CIR/IMD/DF/55/2016

CIRCULAR CIR/IMD/DF/55/2016 CIRCULAR CIR/IMD/DF/55/2016 May 11, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges All Merchant Bankers Dear Sir / Madam, Sub: Guidelines for public issue

More information

BSE SME Exchange - Presentation

BSE SME Exchange - Presentation Bombay Stock Exchange Ltd. Bombay Stock Exchange Limited BSE SME Exchange - Presentation 6 th Feb 2012 About SME Industry About SME Industry Classification of Micro, Small and Medium Enterprises 3 About

More information

Company Highlights. Strengths. Strategies. Financials Performance

Company Highlights. Strengths. Strategies. Financials Performance PUBLIC ISSUE OF TAX FREE, SECURED, REDEEMABLE, NON CONVERTIBLE BONDS of face value of ` 1,000 each, having tax benefits under section 10(15) (iv) (h) Income Tax Act, 1961, as amended for an amount aggregating

More information

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange Norms for Direct Listing of the companies which have been moved to the Dissemination Board of nation-wide Stock Exchange/s and applying for Direct Listing in accordance with SEBI Circular CIR/MRD/DSA/05/2015

More information

General Information Document for Investing in Public Issues

General Information Document for Investing in Public Issues Last updated on, 2014 AMSONS APPARELS LIMITED (CIN: U74899DL2003PLC122266) Our Company was originally incorporated at New Delhi as Amsons Apparels Private Limited on 16 th September, 2003 under the provisions

More information

Issue 6 (dated 12 March 2014). Contact us at

Issue 6 (dated 12 March 2014). Contact us at In our last newsletter, we discussed social performance outlining the concept and elaborating the various tools in use for evaluating and benchmarking social performance. This month we present a step-by-step

More information

EMERGE symbolises the aspirations of a large number of entrepreneurs participating in the India gro th Story and ha ing potential to unlock value and

EMERGE symbolises the aspirations of a large number of entrepreneurs participating in the India gro th Story and ha ing potential to unlock value and EMERGE symbolises the aspirations of a large number of entrepreneurs participating in the India gro th Story and ha ing potential to unlock value and emerge on a bigger stage. 1 What is NSE EMERGE? Platform

More information

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges CIRCULAR CFD/DIL3/CIR/2017/21 March 10, 2017 All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities

More information

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark)

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark) PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means. (a) shares arising out of exercise of options granted under ESOS (b)

More information

Indian Depository Receipts

Indian Depository Receipts Historical Background Indian Depository Receipts The world has became global village due to the technology advancement and as a result the Securities Market have become international. Companies that previously

More information

TRACK RECORD OF THE PUBLIC ISSUES. HDFC Standard Life Insurance Company Limited. 2. Issue Size (Rs. Cr) INR 8, Cr.

TRACK RECORD OF THE PUBLIC ISSUES. HDFC Standard Life Insurance Company Limited. 2. Issue Size (Rs. Cr) INR 8, Cr. TRACK RECORD OF THE PUBLIC ISSUES Name of the Issue: HDFC Standard Life 1. Type of Issue (IPO/FPO) IPO 2. Issue Size (Rs. Cr) INR 8,695.00 Cr 3. Grade of issue along with name of the rating agency Name

More information

Note. Detailed Procedure for Listing of Privately Placed Debentures. Aman Nijhawan Niddhi Parmar

Note. Detailed Procedure for Listing of Privately Placed Debentures. Aman Nijhawan Niddhi Parmar Detailed Procedure for Listing of Privately Placed Debentures Aman Nijhawan aman@vinodkothari.com Niddhi Parmar mt@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com

More information

OFFER PROCEDURE PART B. General Information Document for Investing in Public Issues

OFFER PROCEDURE PART B. General Information Document for Investing in Public Issues OFFER PROCEDURE PART B General Information Document for Investing in Public Issues This General Information Document highlights the key rules, processes and procedures applicable to public issues in accordance

More information

Section A (Short Answer Type Questions)

Section A (Short Answer Type Questions) B.Com. (Hons.) V Semester Paper Title: Paper Code: AS-2640 *(Prepared by Mr. Amit Manglani, Assistant Professor, Department of Commerce, GGV) Note: These model answers are a depiction of important points

More information

GUJARAT PIPAVAV PORT LIMITED

GUJARAT PIPAVAV PORT LIMITED GUJARAT PIPAVAV PORT LIMITED DISCLOSURE OF TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY MERCHANT BANKERS (In terms of Circular No. CIR/MIRSD/1/2012 dated January 10, 2012) Sr. No. Particulars 1) Type of

More information

New Takeover Regulation

New Takeover Regulation New Takeover Regulation Presentation by CA Dara J. Kalyaniwala October 15, 2011 Prabhudas Lilladher Group 1 New Takeover Regulation FLOW OF PRESENTATION 1. EVOLUTION OF THE TAKEOVER REGULATIONS 2. PRESENT:

More information

Sub.: Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

Sub.: Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 Neelam Bhardwaj General Manager Corporation Finance Department Division of Issues and Listing Phone: +91 22 26449350 (D), Email: neelamb@sebi.gov.in SEBI/CFD/DIL/DIP/32/2008/28/08 August 28, 2008 To All

More information

NATIONAL INSTITUTE OF SECURITIES MARKETS Established by the Securities and Exchange Board of India

NATIONAL INSTITUTE OF SECURITIES MARKETS Established by the Securities and Exchange Board of India NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination Test Objectives Unit 1: Introduction to Securities 1.1 Describe the broad categorization of securities

More information

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges Norms for Direct Listing for Companies which are listed with Recognized Stock Exchanges or Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate

More information

Presents The Power of 30!

Presents The Power of 30! Presents The Power of 30! A web series of 30 episodes covering different areas of corporate, securities and financial laws for the corporate professionals across the country. COPYRIGHT The presentation

More information

1 Type of Issue (IPO / FPO) IPO. 2 Issue Size (Rs. Cr) Fresh Issue Size (Rs. Cr) Offer for Sale Component (Rs. Cr) 396.

1 Type of Issue (IPO / FPO) IPO. 2 Issue Size (Rs. Cr) Fresh Issue Size (Rs. Cr) Offer for Sale Component (Rs. Cr) 396. Name of the HEALTHCARE GLOBAL ENTERPRISES LIMITED 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) 649.64 - Fresh Issue Size (Rs. Cr) 252.88 - Offer for Sale Component (Rs. Cr) 396.76 Source: Prospectus

More information

RURAL ELECTRIFICATION CORPORATION LIMITED Tax Free Bonds

RURAL ELECTRIFICATION CORPORATION LIMITED Tax Free Bonds RURAL ELECTRIFICATION CORPORATION LIMITED Tax Free Bonds Options Tranche 1 Series 1 Tranche 1 Series 2 Tranche 1 Series 3 Issue Opens Friday, August 30, 2013 Issue Closes Monday, September 23, 2013* Issuer

More information

Reliance Nippon Life Asset Management Limited - Track Record

Reliance Nippon Life Asset Management Limited - Track Record Name of the issue: Reliance Nippon Life Asset Management Limited 1 Type of issue (IPO/ FPO) Initial Public Offer ("IPO") 2 Issue size (Rs crore) 1,542.24 3 Grade of issue along with name of the rating

More information

NISM-Series-XI: Equity Sales Certification Examination

NISM-Series-XI: Equity Sales Certification Examination NISM-Series-XI: Equity Sales Certification Examination Test Objectives 1. Overview of Indian Securities Markets 1.1 Know about the Indian Securities Markets Discuss the structure of the Indian Securities

More information

Name of the Issue: Coal India Limited (the Company ) 1. Type of Issue (IPO/FPO) Initial Public Offering (IPO)

Name of the Issue: Coal India Limited (the Company ) 1. Type of Issue (IPO/FPO) Initial Public Offering (IPO) Name of the Issue: Coal India Limited (the Company ) 1. Type of Issue (IPO/FPO) Initial Public Offering (IPO) 2. Issue Size (Rs. Cr) Rs. 15,199.44 crore (after adjusting for Retail & Employee Discount)

More information

Reliance Nippon Life Asset Management Limited - Track Record

Reliance Nippon Life Asset Management Limited - Track Record Name of the issue: Reliance Nippon Life Asset Management Limited 1 Type of issue (IPO/ FPO) Initial Public Offer ("IPO") 2 Issue size (Rs crore) 1,542.24 3 Grade of issue along with name of the rating

More information

TANVI FOODS (INDIA) LIMITED U15433TG2007PLC053406

TANVI FOODS (INDIA) LIMITED U15433TG2007PLC053406 TANVI FOODS (INDIA) LIMITED U15433TG2007PLC053406 Our Company was incorporated as Tanvi Foods Private Limited on March 30, 2007 under the Companies Act, 1956 with the Registrar of Companies, Hyderabad

More information

ISSUE STRUCTURE. The key common terms and conditions of the Bonds are as follows: COMMON TERMS FOR ALL SERIES OF THE BONDS

ISSUE STRUCTURE. The key common terms and conditions of the Bonds are as follows: COMMON TERMS FOR ALL SERIES OF THE BONDS ISSUE STRUCTURE The CBDT has, by the CBDT Notification, authorised our Company to raise the Bonds aggregating to ` 10,00,000 lakhs. Pursuant to the CBDT Notification and the Prospectus Tranche-1, our Company

More information

MARINE ELECTRICALS (INDIA) LIMITED

MARINE ELECTRICALS (INDIA) LIMITED MARINE ELECTRICALS (INDIA) LIMITED Our Company was incorporated pursuant to a certificate of incorporation dated December 04, 2007 issued by the Registrar of Companies, Maharashtra Mumbai at Maharashtra

More information

Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange

Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange Criteria for Secondary Listing The applicant Company whose securities that are proposed for secondary listing shall

More information

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking)

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS Interest from these Bonds shall not be included in total income of any person as per provisions

More information

CHAPTER VII PREFERENTIAL ISSUE

CHAPTER VII PREFERENTIAL ISSUE CHAPTER VII PREFERENTIAL ISSUE Chapter VII not to apply in certain cases. 70. (1) The provisions of this Chapter shall not apply where the preferential issue of equity shares is made: (a) pursuant to conversion

More information

TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS. ICICI Prudential Life Insurance Company Limited

TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS. ICICI Prudential Life Insurance Company Limited TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS Name of the Issue: ICICI Prudential Life Insurance Company Limited 1. Type of Issue (IPO/FPO) IPO 2. Issue

More information

: ` per share. IPO opens during : Sept 28 Oct 04, 2011 Book Running Lead Manager : Atherstone Capital Markets Ltd.

: ` per share. IPO opens during : Sept 28 Oct 04, 2011 Book Running Lead Manager : Atherstone Capital Markets Ltd. I P O N O T E Onelife Capital Advisors Ltd. September 27, 2011 Price Band : `100-110 per share Minimum Bid Lot Size : 50 Equity Shares Maximum Bid Lot Size : 1800 Equity Shares IPO opens during : Sept

More information

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 Ministry : Securities and Exchange Board of India Notification No : LAD-NRO/GN/2008-2009/09/165992 Date : 10.06.2009 Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

More information

CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING

CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING Sanjay Purao Deputy General Manager Securities and Exchange Board of India 2 May 2011 Securities and Exchange Board of India 1 Amount Raised Year 2008-09

More information

CHAPTER-VII MARKETING OF PUBLIC ISSUES

CHAPTER-VII MARKETING OF PUBLIC ISSUES CHAPTER-VII MARKETING OF PUBLIC ISSUES Issue management by merchant bankers mainly focuses on three basic functions viz, origination, underwriting and distribution of securities. Distribution services

More information

JAKHARIA FABRIC LIMITED CIN: U17200MH2007PLC171939

JAKHARIA FABRIC LIMITED CIN: U17200MH2007PLC171939 JAKHARIA FABRIC LIMITED CIN: U17200MH2007PLC171939 Our Company was incorporated as Jakharia Fabric Private Limited on June 22, 2007, under the Companies Act, 1956 with the Registrar of Companies, Mumbai

More information

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs)

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) In recognition of the role of SMEs in economic development of the country, Securities and Exchange

More information

A.K. Stockmart Pvt. Ltd. Public Issue of Tax Free Secured Redeemable Non Convertible Bonds by NHPC LIMITED Oct 18, Nov 11, 2013

A.K. Stockmart Pvt. Ltd. Public Issue of Tax Free Secured Redeemable Non Convertible Bonds by NHPC LIMITED Oct 18, Nov 11, 2013 A.K. Stockmart Pvt. Ltd. Public Issue of Tax Free Secured Redeemable Non Convertible Bonds by NHPC LIMITED Oct 18, 2013- Nov 11, 2013 NHPC LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX

More information

(a) Bonus/capitalisation issues which represent only book keeping entries.

(a) Bonus/capitalisation issues which represent only book keeping entries. What are the Chief Functions of the New Issue Market? The main function of the New Issue Market is to facilitate the transfer of resources from savers to users. Conceptually, however, the New Issue Market

More information

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions:

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions: SEBI Board Meeting PR No.20/2018 The SEBI Board met in Mumbai today and took the following decisions: I. Review of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 The Board has

More information

S. No. Name of the issue: MUTHOOT FINANCE LIMITED Issue opening date: August 23, Last updated on: March 31, 2014

S. No. Name of the issue: MUTHOOT FINANCE LIMITED Issue opening date: August 23, Last updated on: March 31, 2014 S. No. 1 2 Name of the issue: MUTHOOT FINANCE LIMITED Issue opening date: August 23, 2011 Last updated on: March 31, 2014 Type of Issue: PUBLIC ISSUE OF SECURED NON CONVERTIBLE DEBENTURES OF FACE VALUE

More information

International Journal of Computing and Business Research (IJCBR) ISSN (Online) : INVESTORS PERCEPTION ON INITIAL PUBLIC OFFER (IPO)

International Journal of Computing and Business Research (IJCBR) ISSN (Online) : INVESTORS PERCEPTION ON INITIAL PUBLIC OFFER (IPO) INVESTORS PERCEPTION ON INITIAL PUBLIC OFFER (IPO) MAHAVIR SINGH 1 ABSTRACT The present study attempts to examine the Investors Perception on Initial Public Offer (IPO). The study explains that investing

More information

VALUATION POLICY OF JM FINANCIAL MUTUAL FUND Background: SEBI has vide notification dated February 21, 2012 and circular no. Cir/IMD/DF/6/2012 dated

VALUATION POLICY OF JM FINANCIAL MUTUAL FUND Background: SEBI has vide notification dated February 21, 2012 and circular no. Cir/IMD/DF/6/2012 dated VALUATION POLICY OF JM FINANCIAL MUTUAL FUND Background: SEBI has vide notification dated February 21, 2012 and circular no. Cir/IMD/DF/6/2012 dated February 28, 2012 has amended Regulation 47 and the

More information

Repco Home Finance Limited. Last updated on 31-Dec Name of the Issue:

Repco Home Finance Limited. Last updated on 31-Dec Name of the Issue: Name of the Issue: Repco Home Last updated on 31-Dec-2013 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) 270.23 3 Grade of issue along with name of the rating agency Name ICRA Grade 3 4 Subscription

More information

Public Issue of India Infoline Finance Ltd. NCD

Public Issue of India Infoline Finance Ltd. NCD P a g e 1 Q1. What is the nature and size of issue? Issue Related FAQs Ans: Public Issue of Non-convertible Debentures (NCDs) in the nature of Sub-ordinated debt of face value of Rs. 1,000/- per bond with

More information

DISCLOSURE OF TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY MERCHANT BANKERS

DISCLOSURE OF TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY MERCHANT BANKERS DISCLOSURE OF TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY MERCHANT BANKERS NAME OF THE ISSUER: INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED [since renamed IDFC LIMITED] (TRANCHE 3, FY 2012) Sr.

More information

KARDA CONSTRUCTIONS LIMITED

KARDA CONSTRUCTIONS LIMITED KARDA CONSTRUCTIONS LIMITED Our Company was incorporated as Karda Constructions Private Limited on September 17, 2007 as a Private Limited Company under the Companies Act, 1956 with the Registrar of Companies,

More information

REC Tax Free Bonds. RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS COMPANY PROFILE

REC Tax Free Bonds. RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS COMPANY PROFILE RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS Interest from these Bonds do not form part of Total Income as per provisions under section 10 (15)

More information

As on September 30, 2009: % of total outstanding capital: 9.20% (includes entire institutional public holding in the company) (2)

As on September 30, 2009: % of total outstanding capital: 9.20% (includes entire institutional public holding in the company) (2) Name of the issue: Adani Power Limited (the Company ) 1. Type of issue (IPO/ FPO) Initial Public Offer (IPO) 2. Issue size (Rs crore) Rs. 3,016.52 crore Source: Final post-issue monitoring report dated

More information

5. QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges

5. QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges Name of the Issue: (the Company ) 1. Type of issue (IPO/ FPO): Initial Public Offer (IPO) on SME Platform 2. Issue size (Rs crore): Rs. 4.53 crores Source: Prospectus 3. Grade of issue along with name

More information

Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013

Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 SHUBHLAXMI JEWEL ART LIMITED Our Company was originally formed and registered as a partnership firm on July 30, 2013 at Bhavnagar,

More information

1 Type of Issue (IPO/FPO) IPO. 2 Issue Size (Rs. Cr) Grade of issue alongwith name of the rating agency

1 Type of Issue (IPO/FPO) IPO. 2 Issue Size (Rs. Cr) Grade of issue alongwith name of the rating agency Name of the Issue: PTC India Financial Services Limited 1 Type of Issue (IPO/FPO) IPO 2 Issue Size (Rs. Cr) 433.48 3 Grade of issue alongwith name of the rating agency Credit Analysis & Research Name ICRA

More information

APOLLO MICRO SYSTEMS LIMITED

APOLLO MICRO SYSTEMS LIMITED APOLLO MICRO SYSTEMS LIMITED Our Company was incorporated as Apollo Micro Systems Private Limited on March 3, 1997 in Hyderabad as a private limited company, under the Companies Act, 1956 and was granted

More information

Witnesseth. Page 1 of 24

Witnesseth. Page 1 of 24 Model Listing Agreement for listing of Indian Depository Receipts issued by the issuing companies whose securities market regulator is signatory to the Multilateral Memorandum of Understanding (MMOU) of

More information

Bonanza Portfolio Ltd

Bonanza Portfolio Ltd Public Issue of Tax Free Secured Redeemable Non-Convertible Bonds issued by HIGHLIGHTS OF TAX BENEFITS In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of

More information

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking)

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS The income by way of interest on these Bonds is exempt from Income Tax and shall not form part of

More information

Last updated on July 2016 INDIABULLS ASSET MANAGEMENT CO. LTD. INVESTMENT VALUATION POLICY & PROCEDURE FOR SECURITIES AND OTHER ASSETS

Last updated on July 2016 INDIABULLS ASSET MANAGEMENT CO. LTD. INVESTMENT VALUATION POLICY & PROCEDURE FOR SECURITIES AND OTHER ASSETS INDIABULLS ASSET MANAGEMENT CO. LTD. INVESTMENT VALUATION POLICY & PROCEDURE FOR SECURITIES AND OTHER ASSETS 1 A. Background SEBI has amended Regulation 47 and the Eighth Schedule relating to valuation

More information

MAHINDRA ASSET MANAGEMENT COMPANY PVT. LTD. (INVESTMENT MANAGER TO MAHINDRA MUTUAL FUND) INVESTMENT VALUATION POLICY AND PROCEDURES

MAHINDRA ASSET MANAGEMENT COMPANY PVT. LTD. (INVESTMENT MANAGER TO MAHINDRA MUTUAL FUND) INVESTMENT VALUATION POLICY AND PROCEDURES MAHINDRA ASSET MANAGEMENT COMPANY PVT. LTD. (INVESTMENT MANAGER TO MAHINDRA MUTUAL FUND) INVESTMENT VALUATION POLICY AND PROCEDURES 1 INDEX Sr. No: Particular Page No(s) I Introduction 3 II Purpose 3 III

More information

TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS NATIONAL HIGHWAYS AUTHORITY OF INDIA

TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS NATIONAL HIGHWAYS AUTHORITY OF INDIA TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS NATIONAL HIGHWAYS AUTHORITY OF INDIA 1. Type of issue PUBLIC ISSUE BY NATIONAL HIGHWAYS AUTHORITY OF INDIA

More information

Name of the issuer: PNB Housing Finance Limited (the Company / the Issuer ) 1. Type of issue (IPO/ FPO) Initial Public Offering (IPO)

Name of the issuer: PNB Housing Finance Limited (the Company / the Issuer ) 1. Type of issue (IPO/ FPO) Initial Public Offering (IPO) Name of the issuer: PNB Housing Finance Limited (the Company / the Issuer ) 1. Type of issue (IPO/ FPO) Initial Public Offering (IPO) 2. Issue size (Rs crore / Rs mm) Rs. 3000.00 crores / Rs. 30,000.00

More information

New Issue Market-An Overview

New Issue Market-An Overview Chapter-Ill New Issue Market-An Overview Chapter-m New Issue Market-An Overview In this chapter, an attempt has been made to discuss the functions of new issue market, the instruments of issue, functionaries

More information

ZODIAC ENERGY LIMITED

ZODIAC ENERGY LIMITED ZODIAC ENERGY LIMITED Our Company was originally incorporated as Zodiac Genset Private Limited at Ahmedabad on May 22, 1992 under the provisions of the Companies Act, 1956 vide Certificate of Incorporation

More information

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES AXITA COTTON LIMITED CIN: U17200GJ2013PLC076059 Registered office: Servey No. 324, 357, 358, Kadi Thol Road, Borisana, Kadi, Mahesana-382715, Gujarat Website: www.axitacotton.com; E-Mail: cs@axitacotton.com

More information

6. Financials of the issuer (as per the annual financial results submitted to stock exchanges):

6. Financials of the issuer (as per the annual financial results submitted to stock exchanges): 1. Type of Issue: IPO 2. Issue size (INR crore): 1,542.24 3. Grade of issue along with name of the rating agency: i. Name: Not Applicable ii. Grade: Not Applicable 4. Subscription Level (Number of times):

More information

The resident investee company has to follow the relevant disclosure norms prescribed by the Securities Exchange Board of India (SEBI); and

The resident investee company has to follow the relevant disclosure norms prescribed by the Securities Exchange Board of India (SEBI); and Corporate Law Alert J. Sagar Associates advocates and solicitors Vol.17 May 31, 2011 RBI PLEDGE OF SHARES FOR BUSINESS PURPOSES The Reserve Bank of India (RBI) vide A.P. (DIR Series) Circular No.57 dated

More information

Further, the Dividend income is tax free, if the company is liable to dividend distribution tax.

Further, the Dividend income is tax free, if the company is liable to dividend distribution tax. FAQs (Frequently Asked Questions) on RGESS Rajiv Gandhi Equity Savings Scheme (RGESS) 1. What is RGESS? Rajiv Gandhi Equity Savings Scheme (RGESS), is a tax saving scheme announced in the Union Budget

More information

SMALL IS THE NEXT BIG THING. GROW BIG WITH BSE SME EXCHANGE.

SMALL IS THE NEXT BIG THING. GROW BIG WITH BSE SME EXCHANGE. SMALL IS THE NEXT BIG THING. GROW BIG WITH BSE SME EXCHANGE. INTRODUCTION Small and Medium Enterprises (SMEs), particularly in developing countries, are the backbone of the nation's economy. They constitute

More information

Addendum to the Statement of Additional Information (SAI) of IDFC Mutual Fund

Addendum to the Statement of Additional Information (SAI) of IDFC Mutual Fund Notice - Cum - Addendum No. 44 of 2016 Addendum to the Statement of Additional Information (SAI) of IDFC Mutual Fund Updation of Valuation Policy- This addendum sets out changes made in Statement of Additional

More information

DIGEST OF REGULATORY UPDATES. This is our series of knowledge sharing initiatives towards sharing regulatory updates on Corporate Laws.

DIGEST OF REGULATORY UPDATES. This is our series of knowledge sharing initiatives towards sharing regulatory updates on Corporate Laws. Change is the law of life. And those who look only to the past or present are certain to miss the future. Keeping up to date with legislation can be time consuming, and legislation itself is complex and

More information

1. Issued and Paid up capital Minimum issued, paid up and listed equity capital Rs 10 crores.

1. Issued and Paid up capital Minimum issued, paid up and listed equity capital Rs 10 crores. Norms for Direct Listing for Companies which are listed with Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate previous Financial Year. Applicable

More information

General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same

General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same as 'Not Applicable' 2 In case of schemes which solely

More information

Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013

Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 PRITI INTERNATIONAL LIMITED Our Company was originally incorporated as Priti International Limited at Jodhpur, Rajasthan as a Public

More information

VALUATION UPDATE. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

VALUATION UPDATE. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 29th October 2018 VALUATION UPDATE On 8th September 2018 ICRA downgraded long and short-term ratings of Infrastructure Leasing and Financial Services Limited (IL&FS). Rating was downgraded to below investment

More information

ADDITIONAL SHAREHOLDER INFORMATION

ADDITIONAL SHAREHOLDER INFORMATION ADDITIONAL SHAREHOLDER INFORMATION ANNUAL GENERAL MEETING Date: Tuesday, July 29, 2014 Time: 2.00 p.m. Venue: The Music Academy New No. 168 (Old No. 306), T.T.K. Road, Royapettah, Chennai - 600 014. FINANCIAL

More information

1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) Source: Prospectus dated March 28, 2016

1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) Source: Prospectus dated March 28, 2016 Name of the Issue: Infibeam Incorporation Limited Last updated on April 12, 2016 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) 450.00 Source: Prospectus dated March 28, 2016 3 Grade of issue along

More information

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background.

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background. First Notes SEBI revises the regulatory framework for schemes of arrangements by listed entities 27 March 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS

CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS 5,1 SOURCES OF DOMESTIC EQUITY CAPITAL 5.1.1 Equity shares 5.1.1.1 Equity

More information

Company Accounts. iii. Need to reduce risks for non-corporate forms of organisations (sole proprietor, partnership or HUF),

Company Accounts. iii. Need to reduce risks for non-corporate forms of organisations (sole proprietor, partnership or HUF), Company Accounts With i. Increasing scale of operations ii. Increasing capital requirements iii. Need to reduce risks for non-corporate forms of organisations (sole proprietor, partnership or HUF), A relatively

More information

Participate in one of the key drivers of Growth & Development in India

Participate in one of the key drivers of Growth & Development in India Participate in one of the key drivers of Growth & Development in India DATE OF ALLOTMENT December 28, 2015 BENCHMARK Nifty Financial Services TRI (WEF From 1st February 2018) FUND SIZE Rs.261.73 (Rs. in

More information

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS 348 [SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS (1) The listed issuer making a rights issue of IDRs shall

More information

Not Applicable. 2nd FY (March 31, 2020)*

Not Applicable. 2nd FY (March 31, 2020)* Name of the IndoStar Capital Finance Limited Last updated on 21-May-18 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr)* 1,844.00 - Fresh Issue Size (Rs. Cr) 700.00 - Offer for Sale Component (Rs.

More information

5 QIB Holding (as a % of outstanding capital) as disclosed to stock exchanges. Particulars

5 QIB Holding (as a % of outstanding capital) as disclosed to stock exchanges. Particulars Name of the BANDHAN BANK LIMITED 1 Type of Issue (IPO / FPO) IPO 2 Issue Size (Rs. Cr) 4,473.02 - Fresh Issue Size (Rs. Cr) 3,662.40 - Offer for Sale Component (Rs. Cr) 810.62 3 Grade of issue along with

More information

Solved questions on Indian capital market

Solved questions on Indian capital market Solved questions on Indian capital market 1. In private placement, issuance is done to. (2 marks) (a) more than 50 persons (b) less than 100 persons (c) less than 50 persons (d) less than 10 persons 2.

More information

N.A. 2nd FY (March 31, 2020) * Page 1 of 5

N.A. 2nd FY (March 31, 2020) * Page 1 of 5 Name of the Issue: TCNS Clothing Co. Limited 1 Type of Issue Initial Public Offer 2 Issue Size (Rs. Mn) 11,251.25 *Source: Prospectus dated July 24, 2018 3 Grade of issue along with name of the rating

More information