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TMI BlogPRICING BY COMPANIES ISSUING SECURITIESX X X X Extracts X X X X X X X X Extracts X X X X ..... ublic issue and desirous of getting its securities listed on a recognised stock exchange pursuant to a public issue, may freely price its equity shares or any securities convertible at a later date into equity shares. 1(3.2A) Infrastructure company 2(3.2A.1) An eligible infrastructure company shall be free to price its equity shares, subject to the compliance with the disclosure norms as specified by SEBI from time to time. 3.3 Initial public Issue by Banks 3.3.1 The banks (whether public sector or private sector) may freely price their issue of equity shares or any securities convertible at a later date into equity share, subject to approval by the Reserve Bank of India. 3.4 Differential Pricing 3.4.1 Any unlisted company or a lis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4(sub-clauses 3.4.1 and 3.4.1A) above is also permissible. 3.4.4 Justification for the price difference shall be given in the offer document for 5(sub-clauses 3.4.1, 3.4.1A and 3.4.2). 3.5 Price Band 3.5.1 Issuer company can mention a price band of 20% (cap in the price band should not be more than 20% of the floor price) in the offer documents filed with the Board and actual price can be determined at a later date before filing of the offer document with ROCs. 3.5.2 If the Board of Directors has been authorised to determine the offer price within a specified price band such price shall be determined by a Resolution to be passed by the Board of Directors. 3.5.3 6(The Lead Merchant Bankers shall ensure that in case of the listed compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is ₹ 500/- or more, the issuer company shall have a discretion to fix the face value below ₹ 10/- per share subject to the condition that the face value shall in no case be less than ₹ 1 per share; b. if issue price is less than ₹ 500 per share, the face value shall be ₹ 10/- per share; 11(Provided that nothing contained in sub-clause (i) shall apply to initial public offer made by any government company, statutory authority or corporation or any special purpose vehicle set up by any of them, which is engaged in infrastructure sector. Explanation: For the purposes of this proviso, the term "Infrastructure sector" shall include the following facilities/services: (i) Transportation (including inter modal t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l estate development, including an industrial park or special economic zone; (b) Tourism, including hotels, convention centres and entertainment centres; (c) Public markets and buildings, trade fair, convention, exhibition, cultural centres, sports and recreation infrastructure, public gardens and parks; (d) Construction of educational institutions and hospitals; (e) Other urban development, including solid waste management systems, sanitation and sewerage systems, etc.; (vi) Power, including the following: (a) Generation of power through thermal, hydro, nuclear, fossil fuel, wind and other renewable sources; (b) Transmission ,distribution or trading of power by laying a network of new transmission or distribution lines; (vii) Petro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndard denomination of the shares by splitting or consolidating the existing shares. 3.7.3 The companies proposing to issue shares in any denomination or changing the standard denomination in terms of clause 3.7.1 or 3.7.2 above shall comply with the following: (a) the shares shall not be issued in the denomination of decimal of a rupee; (b) the denomination of the existing shares shall not be altered to a denomination of decimal of a rupee; (c) at any given time there shall be only one denomination for the shares of the company; (d) the companies seeking to change the standard denomination may do so after amending the Memorandum and Articles of Association, if required; (e) the company shall adhere to the disclosure and accounting nor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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