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Jaypee Infratech’s parent will sell up to 98.5 million shares on Thursday to raise up to $94 million to meet the market regulator’s guidelines on minimum public shareholding. Jaiprakash Associates, which owns about 83 percent of Jaypee Infratech, will sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million, the company said in a statement late on Tuesday. Jaypee Infratech, which builds roads and homes primarily in the north Indian state of Uttar Pradesh, plans to announce the floor price for the share auction after market hours on Wednesday, it said. The Securities and Exchange Board of India has directed listed companies to ensure that at least 25 percent of their shares are publicly traded by June end.

Sebi slaps R5 lakh fine on two in BGSL trading case

Market regulator Sebi on Wednesday imposed a fine of R5 lakh on two individuals for alleged fraudulent trade practices in shares of Betala Global Securities Ltd (BGSL). In two separate orders, Sebi slapped a fine of R2 lakh on one Dimple Shah and another R3 lakh on Piyush Shah for manipulative and deceptive trading which led to creation of artificial demand and a false appearance of trading in the shares of BGSL. "I am of the view that the facts of the present case clearly bring out an element of fraud and unfair trade practices indulged in by the noticee through brokers in connivance with other entities of

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