Securities and Exchange Board of India (SEBI) today urged Reliance Mutual Fund and Reliance Capital Asset Management to withdraw the advertisement with regard to its new fund offer of Reliance Infrastructure Fund and re-issue the same.
SEBI's whole-time member Prashant Saran in an order stated that the advertisement was not in compliance with the SEBI's guidelines pertaining to standard warning in advertisements by Mutual Funds and wanted it to be withdrawn immediately.
Reliance Mutual Fund and Reliance Capital Asset Management Limited have been directed to forthwith withdraw the advertisement in its current form and re-issue the same, if it is so desired, strictly in compliance with the provisions of the said SEBI circular.
Further, Reliance Mutual Fund and Reliance Capital Asset Management Limited have been asked to show cause as to why they should not be restrained from launching any new scheme for an appropriate period, the order said.
Showing posts with label Reliance Infratel Ltd. Show all posts
Showing posts with label Reliance Infratel Ltd. Show all posts
Thursday, June 4, 2009
Monday, February 4, 2008
Reliance Infratel to enter capital market
Reliance Infratel Ltd, a subsidiary of India's second largest telecom private operator Reliance Communications Ltd, will enter the capital market with an initial public offer (IPO).
The company will offer over 89 million equity shares of Rs.5 each for cash at a premium to be decided through a 100 percent book building process. The issue will constitute 10.05 percent of the post-issue paid-up equity capital of the company.
Reliance Infratel is part of the Reliance Anil Dhirubhai Ambani Group. Its business is to build, own and operate telecommunication towers and related assets at designated sites and to provide these passive telecommunication infrastructure assets on a shared basis to wireless service providers and other communications service providers under long-term contracts.
The company filed its draft red herring prospectus with market regulator Securities and Exchange Board of India Monday.
At least 60 percent of the issue to the public shall be allocated on a proportionate basis to qualified institutional buyers (QIBs), of which 5 percent shall be available for allocation to mutual funds only.
The remaining QIB portion shall be available for allocation to all QIB bidders, including mutual funds, subject to valid bids being received at or above the issue price.
Not less than 30 percent of the issue shall be available for allocation on a proportionate basis to the retail individual bidders and not less than 10 percent of the issue shall be available for allocation on a proportionate basis to non-institutional bidders.
The issue proceeds will be utilised to finance the development of passive infrastructure sites and for general corporate purposes.
The equity shares of the company would be listed on the Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd.
Indo-Asian News Service
The company will offer over 89 million equity shares of Rs.5 each for cash at a premium to be decided through a 100 percent book building process. The issue will constitute 10.05 percent of the post-issue paid-up equity capital of the company.
Reliance Infratel is part of the Reliance Anil Dhirubhai Ambani Group. Its business is to build, own and operate telecommunication towers and related assets at designated sites and to provide these passive telecommunication infrastructure assets on a shared basis to wireless service providers and other communications service providers under long-term contracts.
The company filed its draft red herring prospectus with market regulator Securities and Exchange Board of India Monday.
At least 60 percent of the issue to the public shall be allocated on a proportionate basis to qualified institutional buyers (QIBs), of which 5 percent shall be available for allocation to mutual funds only.
The remaining QIB portion shall be available for allocation to all QIB bidders, including mutual funds, subject to valid bids being received at or above the issue price.
Not less than 30 percent of the issue shall be available for allocation on a proportionate basis to the retail individual bidders and not less than 10 percent of the issue shall be available for allocation on a proportionate basis to non-institutional bidders.
The issue proceeds will be utilised to finance the development of passive infrastructure sites and for general corporate purposes.
The equity shares of the company would be listed on the Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd.
Indo-Asian News Service
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