Regulations
SEBI seeks clarification on Videocon's D2H arm IPO

Without disclosing the details of the clarifications sought, SEBI has said that clarifications are awaited from lead manager for Bharat Business Channel, the D2H unit of Videocon, for its proposed IPO

 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has sought clarifications from the merchant banker of Bharat Business Channel, direct to home (D2H) TV unit of Videocon Group, regarding the company's proposed Rs700 crore initial public offering (IPO), reports PTI.

 

Without disclosing the details of the clarifications sought, SEBI has said that "clarifications (are) awaited from Lead Manager" for the proposed public offer.

 

As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the IPO of Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand, as on 11 January 2013.

 

The status is updated on a weekly basis by the regulator and the the next update of the status as on 18 January 2013 would be uploaded on the SEBI website on the next working day.

 

SEBI said it might issue observations on Bharat Business Channel's draft offer document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

 

The regulator had received the draft offer documents of on 14th December through its lead manager Enam Securities.

 

The company's proposed IPO estimates to raise Rs700 crore. It is also considering to raise Rs50 crore through a pre-IPO placement of its shares to institutional investors.

 

The proposed IPO would comprise at least 25% of equity capital giving a valuation of Rs2,800 crore to Bharat Business Channel.

 

The company plans to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."

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SEBI clears Bajaj Finance rights issue to raise up to Rs750 crore

Bajaj Finance, a subsidiary of Bajaj Finserv plans to use the proceeds of the issue for strengthening its capital base
 

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has given its go-ahead to the non-banking finance company (NBFC) Bajaj Finance's proposed rights issue to raise up to Rs750 crore.

 

In rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

 

Bajaj Finance had filed draft documents with SEBI in November to raise up to Rs750 crore through a rights issue.

 

SEBI issued its final observations on the draft offer documents on 8th January as per the latest update by the market regulator. SEBI's observations are necessary for the companies to launch rights issues.

 

Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the business of consumer finance, SME finance and commercial lending.

 

The company plans to use the proceeds of the issue for strengthening its capital base.

 

JM Financial Institutional Securities is acting as lead manager to the issue, while Karvy Computershare is the registrar.

 

Earlier in August, SEBI had given its approval to Bajaj Finserv to raise up to Rs1,000 crore through rights issue.

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