PSU IPO

Markets regulator Sebi on Thursday abolished the requirement of a mandatory security deposit with the exchanges before a public issue in a bid to facilitate ease of doing business for issuer companies. The move will be applicable with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular. Before this, any company that is looking to launch a public issue of equity shares has to deposit with the stock exchanges an amount equal to 1 per cent of the issue size. The deposit was returned to the company after the public issue. "In order to facilitate ease of doing business to issuer company, the requirement to deposit 1 per cent of the issue size available for subscription to the public with the designated stock exchange by the issuer company under... Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) has been dispensed with," Sebi said. In February, the Securities and Exchange Board of India (Sebi) floated a consultat

Deadline for financial bids for privatising the firm was extended from January 18 as bidders sought a more detailed due diligence.

The government plans to offer 316 million shares of the 6.32 billion shares it owns in Life Insurance Corp of India, and no fresh stock will be issued, say sources

The stock touched a high of Rs 128 and a low of Rs 101 on the NSE, where over Rs 1,500 crore worth of shares changed hands

Free float are the shares that are not owned by promoters or are under lock-in and are readily available for trading in the market

The 'time-bound listing' for public sector undertakings (PSUs), announced in this year's Union Budget, isn't being met.A state-owned unit was to list within 165 days after its Initial Public Offer of equity (IPO) got approval by its parent ministry or department and by the department of investment and public asset management (Dipam).The idea was to help the Centre with its ambitious disinvestment target of over Rs 70,000 crore for the current financial year. However, PSUs have repeatedly missed the schedule set under the guidelines, which had deadlines for each task in the IPO process. Examples are General Insurance Corporation (GIC Re), New India Assurance, IRCTC and Ircon.For instance, the Centre had allowed 90 days for the company to file an offer document with market regulator Sebi, from the day of board authorisation for the IPO. Within this period, 45 days were allotted for investment bankers to do the due-diligence and for filing of offer documents. Notably, the Centre had ...

Small size, higher expenses deter share sale managers from bidding at Rs 1 fee

The central government is planning to write to the Securities and Exchange Board of India (Sebi) for faster approvals of offer documents to meet its objective of time-bound listing of public sector undertakings (PSUs). On an average, Sebi takes a little over two months to clear initial public offer (IPO) documents. The centre wants PSU IPOs to be cleared within a month.The move comes in the wake of the budget announcement on fast tracking the PSU listing process. Interestingly, the Department of Public Asset Management (Dipam) in a document outlining the new timeline for PSU listings has assigned just 30 days for Sebi approval. The Dipam expects the entire process to be completed within 165 days."Clearance from Sebi is one of the key factors that determine the timeline for listing a company. Centre is planning to seek expedited approvals as it has set itself an ambitious target of getting the offer document cleared in 30 days. There have been initial round of interactions between ...