Bharti retains floor price of Rs 45 as issue price
New Delhi: Bharti has announced retention of floor price of Rs 45 a share as the final price for its 2.5 times oversubscribed public issue of 18.5 crore shares mopping up Rs 833.85 crore from the capital market.

After final allocation of the shares, the foreign ownership of the company has gone up to 46.7 per cent leaving a gap of another 2.3 per cent for secondary market trading.

The demand was built at higher than the floor price of Rs 45 per share largely between Rs 46-48 per share, a company statement said, adding "the company in the interest of all the investors has decided to fix the issue price at Rs 45 a share in consultation with the book running lead managers, JM Morgan Stanley and DSP Merrill Lynch."

The total demand for Bharti Televentures, service arm of Bharti group, at Rs 47 per share was at 25.91 crore shares, while the demand at Rs 46 per share was 39.88 crore shares against an issue size of 18.53 crore shares. The issue received more than 25,000 applications.

Out of total (18.53 crore offering), 25 per cent was reserved for retail investors, 60 per cent for qualified institutional investors and balance 15 per cent for non-institutional and high net worth individuals.
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Sebi scraps no-delivery period
Mumbai: Securities and Exchange Board of India (Sebi) has clamped down on the misuse of "no-delivery" period facility being enjoyed by broker-members.

The regulator has decided to ask the exchanges to abolish this facility in the stocks that are traded under compulsory dematerialised mode.

The regulator has also decided to change the formula to calculate the reference price for closed out deals for short deliveries, and has also asked all exchanges to take steps to implement these two decisions.
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