SEBI seeks clarification on 20 proposed IPOs in 2008

SEBI - Securities Exchange Board of India has sought clarifications on proposed new public offers of more than 20 companies, including the likes o Mahindra Holidays, Oil India IPO, Anil Ambani groups telecom tower business arm Reliance Infratel and leading commodity bourse MCX. Besides, at least 21 other IPOs are currently awaiting the clearance from Securities and Exchange Board of India, which includes 15 offers whose bankers have replied with clarifications sought from them.

According to the latest processing status as on March 14 of draft offer documents filed with SEBI, clarifications are currently awaited from lead managers in relation to 20 IPOs. Out of these firms, the notice has been issued over the MCX IPO recently, while the clarifications are awaited on IPOs like 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 the 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.

These IPOs include Cox and Kings (India), JSW Energy, Nu Tek India, Khadim India and RNS Infrastructure. In addition, the offer documents for IPOs of five other companies are also currently under process for the SEBI observations. These include Kishore Biyani group`s Future Ventures, Fineotex Chemical, Vishal Information Technologies, 20 Microns and ARSS Infrastructure Projects.

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