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Presented By: AMOL PATIL NITIN MALUSARE CHETAN DEVADIGA JHANAK SHAH
About IPO
Initial Public Offering (IPO) is when an unlisted company makes either a fresh issue of securities or an offer for sale of its existing securities or both for the first time to the public This paves way for listing and trading of the issuers securities.
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About IPO(contd.)
The main objectives are to use the proceeds from the issue to fund the company's plans for the expansion of operations and to meet the expenses of the issue. IPO in India is done through different methods like fixed price method, book building method, or a mixture of both.
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IPO Procedure
Company
Investment Bankers (Underwriters) Negotiate the deal Draft Offer document filed with SEBI
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BUYBACK OF SHARES
The provisions regulating buy back of shares are contained in Section 77A, 77AA and 77B of the Companies Act,1956. The Securities and Exchange Board of India (SEBI) framed the SEBI (Buy Back of Securities) Regulations,1999 and the Department of Company Affairs framed the Private Limited Company and Unlisted Public company (Buy Back of Securities) rules,1999 pursuant to Section 77A(2)(f) and (g) respectively
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shall, after passing of the special/Board resolution make a public announcement at least one English National Daily, one Hindi National daily and Regional Language Daily at the place where the registered office of the company is situated.
The public announcement shall specify a date, which shall be "specified date" for the purpose of determining the names of shareholders to whom the letter of offer has to be sent. A public notice shall be given containing disclosures as specified in Schedule I of the SEBI regulations. A draft letter of offer shall be filed with SEBI through a merchant Banker. The letter of offer shall then be dispatched to the members of the company.
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A copy of the Board resolution authorizing the buy back shall be filed with the SEBI and stock exchanges. The date of opening of the offer shall not be earlier than seven days or later than 30 days after the specified date The buy back offer shall remain open for a period of not less than 15 days and not more than 30 days. A company opting for buy back through the public offer or tender offer shall open an escrow Account.
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Penalty
If a company makes default in complying with the provisions the company or any officer of the company who is in default shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to fifty thousand rupees, or with both. The offences are, of course compoundable under Section 621A of the Companies Act,1956.
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