Sebis deadline for achieving minimum 25 per cent public shareholding in listed private sector firms ended today,with about 100 companies failing to meet the norms that mostly included entities whose shares are not actively traded in the stock market.
Sebi has begun an internal consultation process to decide on the actions to be taken against non-compliant companies,but any potential penalties would be mostly decided on case-to-case basis,sources said. Sebi is of the view that the penal actions should be different for the entities that made attempts to meet the guidelines and for those with no intention of lowering their promoter holding to 75 per cent or below.
However in both cases,the penal actions could be limited to promoters and the interest of minority shareholders would be safeguarded,a senior official said,indicating that delisting or trading suspension were unlikely actions if the guidelines are met in coming days. The steps being considered include promoters being barred from certain activities in the market till the time they comply with the guidelines.
Without disclosing the names of the companies that are yet to meet the guidelines,the official said that most of them are entities whose shares are anyway not actively traded on the stocks and some of them are also already under suspended trading list for various reasons.
One company,Gillette India,has got an interim relief from the Securities Appellate Tribunal after its proposed scheme to meet the guidelines was rejected by Sebi.
There are a few companies that have begun the process of voluntary delisting after expressing their unwillingness to meet the guidelines and they would not face any actions.
Nine companies offer to sell shares through OFS; six succeed
New Delhi: As the deadline to meet minimum 25 per cent public shareholding norm ended ,nine private companies hit the market with offers to sell off shares worth over Rs 450 crore.
While six of them including Tata Comm,Rama Phosphates,Marathwada Refractories saw their OFS getting oversubscribed,the issues of BGR Energy Systems,Essar Ports and Omaxe could not get full subscription for the shares under offer,as per data with the bourses. Tata Comms offer for sale was subscribed 1.56 times,while that of Rama Phosphates got bids for 1.04 times of shares on offer.