Three Banks Received SEBI's Approval For IPO Money - 29 Aug 08

Under SEBI's new scheme, the three banks - Corporation bank, Union Bank of India and HDFC bank have received SEBI nod for offering the new payment facility for IPOs. As per the new scheme, the investor's application money will not be blocked with the issuer of IPO till allotment is done. These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.

This will enable the applicants to keep money in the banks till allotment of shares. The application money to remain in the applicant's bank account till the allotment of the shares rather than waiting for the refunds by the companies to the applicants in case of non-allotment of shares. After the allotment of the shares, only the required amount of money will be debited from the applicants' accounts. According to the release issued by SEBI, these three banks are eligible to act as Self Certified Syndicate Banks (SCBS) in public issues which open on or after September 1.

Supreme Court Told SVPCL To Refund IPO Money - Aug 23 , 2008

The Supreme Court has asked Hyderabad-based SVPCL to refund the application money along with interest to the investors who had applied for the company's initial public offer.

The IPO was floated in October last year. Though the issue was fully subscribed, BSE denied permission for the listing of the shares on the exchange as the company had inevidently mentioned on the cover page of its red hearing prospectus that at least 50% of the net issue to the public shall be allocated on proportionate basis to QIB, whereas legally it should be "up to" instead of "at least".

The company than approached SEBI as well as BSE but in the mean time an investor had filed a complaint with Sebi against the company for allegedly wrongdoing.

The company approached BSE to list the shares on January 7, but this was turned down by it as the 10-week period from the date of closing of the IPO has lapsed, which was required under Section 73.

Sebi on the other side told the company to let BSE to decide on the matter. The BSE asked UTI Securities to provide an undertaking, certifying that Section 73 has been complied with. But UTI Securities did not oblige as the 10-week period had lapsed. Consequently, BSE refused permission to the company to list. Against this the company challenged BSE in Andhra Pradesh High court by stating that the delay was on account of pending complaint with SEBI

However, the decision by Supreme court will provide relief to nearly 10,000 investors, who are expected to get a refund in eight days along with 15% interest once SVPCL receives the copy of the order.

Oil India Plans IPO In November - Aug 20, 2008

Oil India Ltd, state run explorer, plans an initial public offering of 2.64 crore shares shares in November and would file a revised DRHP next month after updating information up to June 30, 2008, according to company official on Tuesday.

"We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said.

Mines & Minerals India's IPO Subscribed 1.15 Times - Aug 14 , 2008

Resurgere Mines & Minerals India's IPO was subscribed 1.15 times on the last day of the offer i.e. on Wednesday, as per the NSE website.

The company received 51,25,020 bids, out of which around 3,94,380 bids were received at the cut-off price.

The qualified institutional buyer's portion got subscribed 0.98 times, the non-institutional investors was subscribed 0.70 times, retail investors portion subscribed 0.02 times and the employee portion was subscribed 0.10 times.

The price band of the issue has been fixed between Rs 263 to Rs 272, and it closes on August 13.

The company plans to utilize the IPO proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.

IPO Of PSU Insurers - Aug 14 , 2008

The General Insurance Officers All India Association has refused the Union Government''s move to introduce an initial public offer (IPO) in the four public sector general insurance companies. Mr P. P. Mohanan, General Secretary of the Association, Kerala, said that the projected amendment in the General Insurance Business (Nationalisation) Act of 1972 to mop up capital from the markets via an IPO is against the assurance given by the Union Government while moving the Insurance Regulatory and Development Authority (IRDA) Bill in 1999. In order to raise the equity base of the four PSU general insurance companies, he advised that the government should think of other alternatives.

Ipo Closing Today - Aug 13 , 2008

Resurgere Mines & Minerals India Ltd.

Opening Date : 11/08/2008.
Closing Date : 13/08/2008.

Ipo Open Today - Aug 11 , 2008

Resurgere Mines & Minerals India Ltd

1. Opening Date : 11/08/2008.
2. Closing Date : 13/08/2008.