Sebi has no application for dual listing

Amid reports that South Africa is insisting on dual listing structure for the proposed Bharti- MTN deal, market regulator Securities and Exchange Board of India (Sebi) today said it has not received any application for dual listing.

When asked on dual listing for Bharti-MTN deal, Sebi Chairman Bhave said it was "too premature" to comment on the issue of dual listings.

Dual listing is seen as a key issue that is holding up finalisation of talks between Bharti Airtel South African telcom MTN.

MTN is seeking clarity on what rights MTN and its shareholders are likely to get for holding 36 per cent economic interest in Bharti Airtel.

Under the announced scheme of arrangement, Bharti Airtel is to acquire 49 per cent economic interest in MTN. In return, MTN will acquire 25 per cent economic interest in Bharti Airtel for $2.9 billion and MTN shareholders will acquire another 11 per cent.

Meanwhile, Sebi today revised the takeover norms by bringing ADRs/GDRs with voting rights on par with the domestic shares, which makes an open offer mandatory if 15 per cent stake is bought in a company through these securities.

The revised norms may have major ramification on the fate of proposed Bharti-MTN deal as both the parties hammering out the contentious issues including the open offer.