New pricing norms for QIPs, ADRs and GDRs

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In a press release dated 13 August, the Securities and Exchange Board of India (SEBI) introduced new pricing norms for qualified institutional placements (QIPs).

Prior to the amendment, the price of securities listed through QIPs was determined by the average price of the shares in the six months preceding the relevant date, or the average price of the shares in the two weeks preceding the relevant date, whichever was higher.

Stock_MarketThe relevant date in this context was 30 days prior to the date on which the special resolution authorizing the QIP issuance was passed at a meeting of the shareholders of the issuing company under section 81(1A) of the Companies Act, 1956.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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