SEBI tweaks share sale norms for IPOs
The Hindu
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The Securities & Exchange Board of India (SEBI) on Tuesday approved amendments to a slew of regulations to tighten the Initial Public Offering (IPO) process and norms governing utilisation of IPO proceeds by promoters.
In its board meeting, SEBI approved conditions for sale of shares by significant shareholders in the Offer-For-Sale (OFS) process via an IPO and has extended the lock-in period for anchor investors to 90 days.
Shares offered for sale by shareholders with more than 20% of pre-issue shareholding of the issuer, should not exceed 50% of their holding. If they hold less than 20%, then the offer for sale should not exceed 10% of their holding of the issue.
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