Market regulator Sebi issued detailed guidelines (Oct 24) for listing of start-ups and small and medium enterprises (SMEs) on stock exchanges without an IPO. The guidelines follow notification of new norms by Sebi earlier last month for permitting listing of start-ups and SMEs on the institutional trading platform (ITP) of SME exchanges. Through this new route, the SMEs and start-ups can get listed on the bourses without making a public offer. This would help enterprises to raise capital from the securities market during their early stages of growth, as it provides exit opportunities for investors. A company that is not more than 10 years old and its revenues never exceeded R100 crore are eligible to raise funds through private placement or rights issue. It should have got an investment of at least R50 lakh from an external agency, and the promoters should hold at least 20% stake after the issue.
Centre allocates R 40 cr for setting up plastic park in Odisha
The Centre has sanctioned Rs 40 crore for setting up a plastic park in Odisha, minister of state for chemicals and fertilisers Srikant Jena said. The park will be set up at Siju village in the Jagatsinghpur district through a special purpose vehicle Paradeep, Plastic Park Ltd. Besides, a Plastic, Polymer & Allied Cluster and an Advanced Plastics Processing Technology Centre are being set up in Balasore, Jena said.
Micro tea factory inaugurated in Tamil Nadu
A micro tea factory, claimed to be the first of its kind in private sector, was inaugurated near Kotagiri, about 30 km from Udhgamandalam, which would produce high quality orthodox tea priced at R300-500. Set up at a cost of R10 lakh, the factory located at Jakkanarai, has a capacity to produce 25 to 40 kg of tea per day, which would benefit small growers, holding three to five acres of tea estate. R Ambalavanan, executive director, Tea Board of India, said small growers would be encouraged to start such units.
B'lore-based startup founders win Economist Innovation Award
Rahul Panicker, Jane Chen, Linus Liang and Naganand Murty of Embrace Innovations, have been named as this year's winners in Social and Economic innovation of The Economist's Innovation Award for their design and development of a new infant warmer for developing countries. Panicker and Murty, both IIT graduates, are the first Indians to win The Economist Innovation Award after Sam Pitroda in 2006 and NR Narayana Murthy in 2007, Embrace