Twenty IPOs hit Sebi clarification hurdle

Twenty IPOs hit Sebi clarification hurdle
PTI
Comment E-mail Print Share
First Published: Tue, Mar 18 2008. 03 15 PM IST
Updated: Tue, Mar 18 2008. 03 14 PM IST
Mumbai: Market regulator Sebi has sought “clarifications” on the proposed initial public offers of as many as 20 companies, including commodity bourse MCX, Mahindra Holidays, Oil India and Anil Ambani group’s telecom tower business arm Reliance Infratel.
Besides, at least 21 other IPOs are currently awaiting clearance from Securities and Exchange Board of India, including 15 offers whose bankers have replied with clarifications sought from them.
While some bankers said that responses to Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are “routine” clarifications and would be responded in the due course.
According to the processing status as on 14 March of draft offer documents filed with SEBI, clarifications are currently awaited from lead managers in relation to 20 IPOs.
Of these firms, the notice has been issued over the MCX IPO recently, while clarifications are awaited on IPOs of Reliance Infratel, Oil India Ltd, Mahindra Holidays & Resorts (MHRIL) and National Hydroelectric Power Corporation (NHPC) for more than at least two weeks.
Other such IPOs include Jaiprakash Power Ventures, PNC Infratech, Pipavav Shipyard and Sea TV Network.
As per existing guidelines, Sebi may issue its observations, which are necessary for the IPOs to proceed, on a draft offer document filed with it within 30 days from the date of receipt.
However, it may seek any additional information or clarification in relation to the draft offer documents from the merchant bankers and issue its observations within 15 days from the date of receipt of satisfactory reply.
Comment E-mail Print Share
First Published: Tue, Mar 18 2008. 03 15 PM IST
More Topics: Sebi | IPO | Club Mahindra | MCX | Oil India |