As many of you may aware of that as per existing SEBI QIP norms, offering of securities through Qualified Institutional Placement (QIP) is a Private Placement. As per Section 67(3) of the Companies Act, 1956 we cannot make offer to more than 49 Investors under the private placement. It means that we cannot issue an offer document inviting for subscription under the QIP placement to more than 49 Investors. The SEBI has confirmed this restriction through its informal guideline No. CFD/DIL/SM/98649/2007 dated July 13, 2007. To ease this restriction the SEBI is planning to make changes to Qualified Institutional Placement (QIP) norms in terms of investor eligibility and the floor price for the issue.
The SEBI will issue relevant Circular in this regard.
Thanks & Regards
Alagar
09884731993
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