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Our Bureau

Mumbai , Nov. 1

Public issues of five companies, including ICRA, have been pending with the Securities and Exchange Board of India, which has sought several clarifications from the companies. SEBI is currently examining the clarifications received from the companies.

Besides ICRA, the four other companies awaiting clearances are Lumax Auto Technologies, Celestial Labs Ltd, Synergies Castings Ltd, and Yogindera Worsted Ltd.

According to SEBI, in the case of ICRA, clarifications were sought from the lead managers on the conflict between the lead manager to the issue (SBI Caps) and SBI offering its shares in the IPO. The other clarifications pertained to whether the company was professionally managed with no promoters, possible lock-in of 20 per cent shares of Moody's Corporation — ICRA's strategic and largest shareholder, possible technical violation of the Unlisted Public Companies (Preferential Allotment) Rules, ESOS disclosures and accounting implications and so on.

Lead managers of Celestial Labs received from SEBI a clarification letter in connection with disclosures on objects of the issue and means of finance. In-principle approvals from the stock exchanges have not been received.

For Synergies Castings Ltd, the disclosures were not detailed. In-principle listing approval is yet to be furnished by the lead managers.

In the case of Lumax Auto Technologies Ltd, Sebi said there were certain omissions and incorrect information disclosed in the draft offer document. Clarifications were sought on how the company satisfies minimum promoter's contribution requirements.

SEBI has also sought clarifications from Yogindera Worsted Ltd.

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