SEBI issues observation letter on processing status of these companies last week

The Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018 require every issuer, being an unlisted company desirous of making an initial public offer and a listed company desirous of making a rights issue for a value exceeding Rs 50 crore or a public offer, to file a draft offer document with SEBI through a merchant banker(s). It must be noted that the merchant banker(s) correspond with SEBI on behalf of the issuer.

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The investors must be aware of the observations which are listed by SEBI last week. They are as follows:

1) RateGain Travel Technologies - IPO (Fresh issue+ offer for sale of existing shares). The observation letter was issued on November 16, 2021.

2) Fusion Micro Finance - IPO (Fresh issue + OFS). The observation letter was issued on November 16, 2021.

3) Medplus Health Services - IPO (Fresh issue + OFS). The observation letter was issued on November 17, 2021.

4) Tracxn Technologies - IPO (OFS). The observation letter was issued on November 17, 2021.

5) Prudent Corporate Advisory Services - IPO (OFS). The observation letter was issued on November 18, 2021.

6) Puranik Builders - IPO (Fresh Issue + OFS). The observation letter was issued on November 18, 2021.

It must be noted that in terms of the regulations, SEBI may issue observations on a draft offer document filed with it within 30 days from the later of the following dates:

1) the date of receipt of the draft offer document under sub-regulation

2) the date of receipt of satisfactory reply from the lead merchant bankers, where the Board has sought any clarification or additional information from them; or

3) the  date  of  receipt  of  clarification  or  information  from  any  regulator  or  agency, where the Board has sought any clarification or  information from such regulator or agency; or

4) the  date  of  receipt  of  a  copy  of  in-principle  approval letter  issued  by  the recognised stock exchanges.

For further details, the interested individuals can login to the official website of SEBI at sebi.gov.in.