10 hrs ago
SEBI Seeks Clarification Before Advancing NSE IPO Approval
SEBI is checking the papers for NSE’s planned IPO.
It has sent observations, which are questions or comments about the documents.
NSE and its IPO bankers must respond before SEBI decides whether to approve the plan.
NSE wants to sell up to 148.9 million existing shares.
These shares equal about 6% of the exchange.
The IPO will not create new shares, and the money will go to current shareholders selling their shares.
The listing has been delayed for years because of regulatory cases.
SEBI Chairman Tuhin Kanta Pandey recently said approval could be close.
SEBI has issued observations on the National Stock Exchange’s draft IPO papers and is awaiting a response from its lead managers.
The exchange and its merchant bankers are expected to reply before SEBI takes a final decision on the proposal.
NSE filed its draft prospectus in June for an offer-for-sale of up to 148.9 million shares, representing about 6% of its paid-up capital.
The IPO has no fresh-issue component, so all proceeds would go to selling shareholders.
NSE’s public-listing plans were delayed by regulatory concerns, including the co-location and dark-fibre matters, which SEBI has agreed in principle to settle for Rs 1,491.21 crore.
- Who
- The Securities and Exchange Board of India, the National Stock Exchange, and its appointed lead managers and merchant bankers.
- What
- SEBI has issued observations on NSE’s draft IPO papers and is awaiting clarifications before taking a final view.
- Where
- Mumbai, India.
- When
- The observations were reported after NSE filed its draft papers in June; the development came a day after SEBI Chairman Tuhin Kanta Pandey said approval was close.
- Why
- SEBI is reviewing the IPO proposal, which has faced years of delays linked to regulatory concerns including the co-location and dark-fibre matters.
Key facts
- Proposed offer
- Offer-for-sale of up to 148.9 million equity shares.
- Share of capital
- About 6% of NSE’s paid-up capital.
- Fresh issue
- None; all proceeds would go to selling shareholders.
- Regulator
- Securities and Exchange Board of India (SEBI).
- Settlement amount
- SEBI has in principle agreed to settle NSE applications in the co-location and dark-fibre matters for Rs 1,491.21 crore.
- Estimated unlisted valuation
- Around Rs 5 lakh crore, according to the report.
- Potential trading route
- NSE is reportedly exploring a Permitted to Trade route while remaining formally listed on BSE.
Sources
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