Sebi on Wednesday exempted the government from making an open offer to public shareholders for acquiring shares of Indian Overseas Bank (IOB) after the R1,200 crore capital infusion that will raise its stake in the state-owned lender to 79%. The government, promoter of IOB, holds 73.80% stake in the bank. It has proposed to acquire nearly 23 crore additional shares by preferential allotment against the R1,200 crore infusion. Once the government purchases these shares, its stake in IOB will rise by little over 5% to 79.01%.
Rs 4.5-cr fine on 9 entities in Sanwaria Agro case
Sebi on Wednesday slapped a total fine of R4.5 crore on nine entities for alleged fraudulent and unfair trade practices in the shares of Sanwaria Agro Oils. The regulator imposed a penalty of R1 crore each on Sanwaria Agro Oils, Anil Agrawal and Rajesh Kumar and another R25 lakh each on six Uni Group firms for violation of Sebi?s Prohibition of Fraudulent and Unfair Trade Practices regulations. Sebi, which carried out a probe into dealings in shares of Sanwaria Agro Oils (SAOL) during February 1, 2009, to February 26, 2010, found a high volatility in the company?s share price. The investigation had revealed that SAOL, in which Anil Agrawal was a whole time director, had allegedly transferred money to certain Uni Group companies that were controlled by Agrawal and Rajesh Kapoor.
Essel Propack promoters settle case with Sebi
Packaging company Essel Propack?s four promoters have settled a case related to non-compliance of disclosure norms with capital markets regulator Sebi after a total payment of R10.25 lakh as settlement fee. Essel?s promoters ? Rupee Finance and Management, Ganjam Trading Company, Veena Investment, PAN India Paryatan ? were charged by Sebi of failure to make timely disclosures to the stock exchanges with respect to change in their shareholding in the firm, in 2010.
Essel Propack is part of diversified Essel Group.
AUM of portfolio managers grows to R7.05 lakh crore
Assets under management (AUM) of portfolio managers held for investments on behalf of investors (high networth individuals or HNIs) have risen to R7.05 lakh crore in November this year from the previous month?s levels. According to latest data available with Sebi, assets under management of portfolio managers increased to R7,05,505 crore at the end of November from R7,02,887 crore in the preceding month. It had touched a record level of R9,58,121 crore in August. The total AUM has nearly doubled since the data was first released by Sebi in December 2010. In November, portfolio managers individually handled assets worth R5.42 lakh crore for discretionary services, R1.28 lakh crore for advisory services and another R34,677 crore for non-discretionary investments.
BSE to move 14 scrips to restricted trade segment
BSE will move 14 scrips, including Edserv Softsystems and Asian Oilfield Services, to the restricted trade category from December 24 for failing to convert at least half of the public shareholding into dematerialised format. Among other scrips that will be transferred to trade-for-trade segment or ?T? group are Howard Hotels, Oxford Industries, Moving Picture Company India and Alliance Integrated Metaliks.
