Sebi relaxes OFS norms for Tata Tele

The regulator has relaxed the maximum allocation limit of 25% of the size to a single investor

 

The Securities and Exchange Board of India (Sebi) has provided some relaxation to the offer for sale (OFS) norms to help Tata Teleservices (Maharashtra) achieve minimum public shareholding. The regulator has relaxed the maximum allocation limit of 25 per cent of the size to a single investor.

It has also permitted the company to undertake two successive offers with a gap of minimum three days and has also relaxed restrictions with respect to the twelve week cooling off period. Promoters of Tata Tele, who currently own 77.72 per cent stake, are planning to sell their shares using the OFS route.

“The promoter/promoter group of the company is allowed to sell the shares of the company up to one per cent of the total paid-up share capital of the company on the floor of the stock exchange subject to certain conditions prescribed in the letter,” Tala Tele said in a BSE filing.

Shares of the company today closed at Rs 8.86, up Rs 0.14, or 1.61 per cent on BSE.

In recent weeks, Sebi has provided similar relaxation to other companies including Puravankara Projects and Fortis Healthcare with regards to achieving public shareholding.