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April 7, 2000
BUDGET 2000 |
India markets regulator eases IPO norms for media, telecom firmsOur Markets Bureau The Securities and Exchange Board of India, or SEBI, said on Friday that it eased the norms regulating initial public offering, or IPO, for media, entertainment and telecom firms. With this relaxation, which has been offered in view of the relatively low capital requirements of the knowledge-based industry, the media, entertainment and telecom companies will now come on par with the infotech industry. The companies in these sectors need to offer at least 10 per cent of their post-issue capital, comprising a minimum of 2 million securities, to the public, said a SEBI statement. According to regulations, other firms have to offer at least 25 per cent of their capital to the public. SEBI further stated that the size of the net offer to the public must not be less than Rs 500 million, in the case of the media, telecom and entertainment industry firms. The SEBI, however, stated that the relaxation would be applicable only if at least 75 per cent of the revenue and profits of these firms came from these sectors. The offer documents of these companies will have to disclose the sector-wise revenue, profit and asset position, the SEBI statement added.
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