SEBI issues settlement order to Utkarsh Small Finance Bank
The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.
The securities markets regulator SEBI has sought clarification from the lead manager (LM) of the National Stock Exchange (NSE) on the proposed initial public offer (IPO).
According to SEBI, it has sent a letter seeking clarification on the proposed IPO to the lead manager, howwever, the regulator did not disclose the clarification it has sought.
"Clarification awaited from LM," SEBI said in its latest update to the "processing status of draft offer documents as on February 3, 2017" section of its website.
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The LM to the proposed NSE's IPO is JM Financial Institutional Securities. The stock exchange major proposes to conduct an IPO through an offer for sale (OFC) of existing shares.
The NSE had submitted its IPO offer document with SEBI on December 28, 2016.
The issue for over Rs 10,000 crore IPO is expected to be around 11 crore shares, which works out to around 22 per cent of the overall equity shares.
The IPO proceeds are expected to be over Rs 10,000 crore with the total enterprise value of between Rs 45,000 crore and Rs 50,000 crore.
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