Financial Daily from THE HINDU group of publications
Saturday, Jan 26, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 26, 2002 |
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Open Offers Markets - Open Offers SEBI approves cum-dividend for open offers Our Bureau
NEW DELHI, Jan. 25 THE Securities and Exchange Board of India (SEBI) has approved a proposal to revise the open offer pricing norms to factor in cases of special dividend. The open offer pricing norm will now be on a `cum-dividend' basis, according to officials. The proposal was cleared through a circular resolution recently. The changes in the norms have been carried out after the Ministry of Disinvestment made out a case to the SEBI for factoring in cases such as payment of special dividend or extraordinary incomes. The latter could be in the form of realisation of proceeds from the sale of real estate in PSUs where the Government has divested its stake. A case cited was that of the Videsh Sanchar Nigam Ltd, where the company announced a special dividend of 750 per cent in the run-up to its planned disinvestment this fiscal.
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