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The Securities and Exchange Board of India (Sebi) has revised norms required for publicly traded companies that are planning to list their equities after amalgamation or de-merger. In the recent past, Sebi said it has been receiving applications seeking exemption from certain entities where there are inadequate disclosures, convoluted schemes of arrangement and exaggerated valuations, among others. Sebi has also revised the requirements for bourses. “Sebi is of the view that granting listing permission or exemption from the requirements of Rule 19(2)(b) of SCRR, 1957, based on such applications may not be in the interest of minority shareholders," it said in a circular.

Adani Enterprises offer price at Rs.248 a share

The promoter group of Adani Enterprises (AEL) has set a floor price of R248 for the sale of 70 lakh shares of AEL. This is a premium of 2% to the stock’s closing price on Tuesday. Adani Agro plans to offer the shares on February 6 on a separate window provided by the BSE. Promoter groups held a 77.87 % stake in AEL at December end. AEL had 109.98 crore shares outstanding at 2012 end. AEL shares closed at R242.70 on the BSE. The move comes after Sebi set a deadline of June next year for all private sector listed companies to bring down their respective promoter shareholdings to 75% or lower.

Sebi fines 8 entities in Axon InfoTech case

The Securities and Exchange Board of India (Sebi) has imposed a collective penalty

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