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SEBI will ease norms for public offers, de-listing
New Delhi: The Securities and Exchange Board of India (SEBI) on Tuesday said that it planned to ease norms for public offers and de-listing of shares very soon. However, on the other hand it would step up market surveillance.

SEBI chairman, M Damodaran, also said there were plans to allow short selling shares by institutional investors by this year-end.

Damodaran speaking at the Hindustan Times Leadership Summit, said SEBI was working towards launching more products, faster processes and lowering costs to make equity investment attractive in India.

He said, "We are also trying to come up with new norms for follow-on public offers by this year end."
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Radio Mirchi plans IPO
Mumbai: Entertainment Network (India), the operator of Radio Mirchi FM channel, is planning to enter the capital market through an initial public offering (IPO).

The company will issue 1,20,00,000 equity shares of Rs10 each for cash at a premium to be decided through the book building process. Out of the total offering, the company has reserved 2,00,000 equity shares for allotment to employees.

The book running lead managers to the issue are JM Morgan Stanley and Enam Financial Consultants.
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Bourses: Separate window for block deals
New Delhi: There would now be a separate window for block deals on both the National Stock Exchange and the Bombay Stock Exchange. The window, operational from Monday, would be available for the first 30 minutes of the trading day.

Ravi Narain, managing director of the NSE, said that this would encourage transparency and also ensure that block deals entered between institutional parties do not in any manner disrupt the normal market.

The Securities and Exchange Board of India chairman, M. Damodaran, said that the real comfort is that block deals would not take place after 10.25 a.m.
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Kingfisher says valuation of Air Sahara too high
Bangalore: Kingfisher Airline, one of the airlines interested in picking up a stake in Air Sahara, says it wants to carry out its own due diligence, as it believes that the current valuation of the airline is too high. Air Sahara had set October 30 as the deadline for receiving a response from Kingfisher Airlines.

A Kingfisher Airline official said plans to acquire stake in Air Sahara was no longer high on its list as the airline has unrealistic expectations. Air Sahara is yet to respond to the letter sent out by Kingfisher Airlines.Ernst & Young, adviser to Air Sahara, had put the airline's enterprise value at US$750mn-US$1bn.

Air Sahara has a fleet of 26 aircraft and operates international flights to Singapore and Sri Lanka. It also has a code sharing agreement with American Airlines. The airline started operating in 1993.
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