Sebi gives breather to expired IPOs
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Mumbai: Those companies whose IPOs' validity got expired have got a breather from the Securities & Exchange Board of India (Sebi). Two weeks after extending the validity of initial public offers (IPOs) by a year, Sebi is now considering the grant of an extension to all IPOs whose validity has expired. However, a report appeared in Financial Chronicle says that this may only be an interim step, given the extraordinary market conditions across the globe. As IPOs for over Rs 15,000 crore are on hold, the move would reportedly breathe new life into big ticket IPOs such as those of MCX, Reliance Infratel, UTI Asset Management, Future Ventures India, JSW Energy, Jaiprakash Power Ventures and Cox & Kings, whose validity have expired. In the agenda paper put out in the public domain - the first time in Sebi's history - the regulator said the proposal was to extend the validity by six months, provided the issuing company updated the offer document on completion of three months - after the expiry of the original validity period. Also, the issuing company has to pay a nominal fee, say a fourth of the fresh filing fee, at the time of filing the updated document.

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