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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (177)	2/16/2000 10:09:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

IPO News-Retail Investor to receive 50% of book-building portion SEBI sebi.com 16-02-2000 10:42:00 SEBI (Securities & Exchange of Board India) is planning to make major changes in the book-building system by reserving 50% for retail investors in primary issues. The bookrunners will now be required to follow proportionate allotment system for 50% of the book instead of using their own discretion. The move was mooted at a review meeting on Monday, attended by the SEBI top brass, merchant bankers, BSE president Anand Rathi and consumer activist Manubhai Shah. 50% of the book size would be allotted to banks, Financial Institutions (FIs), FIIs (Foreign Institutional Investors), and mutual funds. The allotment of these 50% will be left at the discretion of the bookrunners. The other 50% of the book-build portion would be split into two - 25% to high networth individuals and corporates and the other 25% to the retail investors applying for 1000 shares or less. SEBI does not want the bookrunners to use their discretion in allotment of shares for retail investors as well as high networth individuals/corporates where high proportionate allotment system will be followed on the line of fixed price offers. Merchant bankers will have the discretion of building the book simultaneously covering all the three segments or restrict the book size to 50% of the issue and offer the rest using the fixed price formula after price discovery through the book-building process. The Rs1.92 bn ($45 Mil) Nimbus Communications issue is likely to be the first to follow the new structure of the book-building offering. -Source: Financial Express