Govt gets Sebi okay for six PSU offers

NEW DELHI: The government said on Tuesday it has secured all clearances from the Securities and Exchange Board of India (Sebi) for the ensuing public offer of shares in six PSUs including ONGC and Gail. Refuting media reports suggesting the capital markets watchdog had washed its hands off the sale of equity, disinvestment secretary Dhirender Singh said, “Sebi will guide the government at various steps to ensure these transactions take place in a manner which would be in the interest of capital markets and investors in India.�
Mr Singh said though Sebi had clarified that detailed guidelines issued by it do not strictly apply to sale of shares, it was incorrect that the watchdog had washed its hands off the entire process. “After careful consideration, Sebi has come to a conclusion that existing detailed guidelines issued by it do not strictly apply to sale of shares of an already listed company,� he said.
The ministry has received a letter from the regulator permitting it to enlarge the price band and declare the same a day ahead of opening of bids. Sebi chairman GN Bajpai held a meeting on Monday with Mr Singh in this regard.