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ANNEXURE AMENDMENTS TO THE SEBI
(DISCLOSURE AND INVESTOR PROTECTION) GUIDELINES, 2000 CHAPTER I
- PRELIMINARY 1.
Sub clause (xix)( a) of clause 1.2.1 shall b renumbered as sub clause
(xix)(b) thereof and before the sub clause so renumbered, the following sub
clause shall be inserted, namely: ”(xix)(a) ‘mutual fund’ means a mutual fund
registered with the Board under the SEBI (Mutual Funds) Regulations, 1996”. CHAPTER II & XI – GUIDELINES ON 2.
In clause 2.2.2, in sub clause (a)(i),
for the words “ 50% of the issue size “ the words “50% of net offer to public”
shall be substituted. 3.
In clause 11.3.1 – a.
After sub clause (xvii-a), the following sub-clause shall be
inserted, namely: “(xvii-aa) The broker/syndicate member shall collect an amount of not
less than ten percent of the application money as margin money in respect of
bids placed by qualified institutional buyers.” b.
After sub clause (xvii-b) the following sub clause shall be
inserted, namely: “(xvii-c) The lead book runner may reject a bid placed by
a qualified institutional buyer for reasons to be recorded in writing provided
that such rejection shall be made at the time of acceptance of the bid and the
reasons therefor shall be disclosed to the bidders. Necessary disclosures in this regard shall
also be made in the offer document.” 4.
In clause 11.3.2, sub clause (iv)
shall be omitted. 5.
In clause 11.3.5- a.
In sub clause (i), in the first proviso, for the words and
figures “50% of the issue size” the words and figures “50% of net offer to
public” shall be substituted. b.
In sub-clause (ii), in the proviso, for the words and
figures “50% of issue size” the words and figures “50% of the net offer to
public” shall be substituted. c.
After sub clause (ii), the following sub clause shall be
inserted, namely: (ii-a) Out of the portion
available for allocation to qualified institutional buyers under sub clause (i)
or (ii) or any proviso thereof, as the case may be, 5% shall be allocated
proportionately to mutual funds. Mutual
fund applicants shall also be eligible for proportionate allocation under the
balance available for Qualified Institutional
Buyers as illustrated in Schedule XIX-A” d.
Sub clause (iii) shall be substituted with following,
namely: (iii) Allotment to retail
individual investors, non-institutional investors and qualified institutional
buyers shall be made proportionately as illustrated in Schedule XVIII.” e. Sub clause (v)(a) shall be omitted. 6.
After
Schedule XIX, the following Schedule shall be inserted, namely: Schedule
XIX-A [Clause
11.3.5(ii-a)] ILLUSTRATION REGARDING ALLOTMENT TO
QIBs A.
ISSUE DETAILS
B.
DETAILS OF QIB BIDS
A1-A5 ( QIB bidders
other than MFs) MF1-MF5 ( QIB bidders
which are MFs) C.
DETAILS OF ALLOTMENT TO QIB BIDDERS/APPLICANTS (No. of equity shares in crores)
Notes : 1.
The
illustration presumes compliance with the provisions of clause .7.6.1.1 of the guidelines pertaining
to minimum allotment. 2. Out of 100 crore equity shares
allocated to QIBs, 5 crores (i.e. 5%) will be allocated on proportionate basis
among 5 mutual fund applicants who applied for 200 shares in QIB category. 3. The balance 95 crore equity shares [i.e.
100 - 5 (available for MFs)] will be allocated on proportionate basis among 10
QIB applicants who applied for 500 shares (including 5 MF applicants who applied
for 200 shares). 4. The
figures at Col. No. IV are arrived as under : a. For QIBs other than mutual funds (A1 to
A5)= No. of shares bid for (i.e Col II) X 95 / 495 b. For mutual funds (MF1 to MF5)= { (No. of shares bid for (i.e Col II) less shares allotted ( i.e col III )} X 95/495 c. The numerator and denominator for
arriving at allocation of 95 crore shares to the 10 QIBs are reduced by 5 crore
shares, which has already been allotted to mutual funds at Col. No. (III) 7.
In Schedule XX - a. In
the fourth paragraph of Part (ii), the words “Allocation would be determined by
the book runner(s) in consultation with the issuer as well as the syndicate
members on the basis of prior commitment, quality of investor, earliness of
bid, price aggression etc.” shall be omitted. b. In
the fifth paragraph of Part (iii), the words “Allocation would be determined by
the book runner(s) in consultation with the issuer as well as the syndicate
members on the basis of prior commitment, quality of investor, earliness of
bid, price aggression etc” shall be omitted. 8.
In Schedule XX –A a.
In Part A, the word “discretionary” appearing in the
disclosure clause shall be substituted with the word “proportionate”. b.
In Part B, the word “discretionary” appearing in the disclosure
clause shall be substituted with the word “proportionate”. c.
In Part C, the word “discretionary” appearing in the
disclosure clause shall be substituted with the word “proportionate”. |
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