Cipla Gets Sebi Nod For Rights Issue Listing
The Securities and Exchange Board of India (Sebi) has passed an interim order permitting the listing of shares of Cipla's rights issue.
According to the Sebi chairman D R Mehta, the shares may be temporarily listed till the final decision on the matter is taken by the Bombay High Court and Sebi.
Mehta said "the regulator has cleared one issue through an interim order issued by two officials in the legal and secondary market department. The decision on other issues will be taken later."
Also Read
The company has been asked to put stickers on share certificates indicating that there are pending cases about the rights issue in Bombay High Court. They were asked to issue shares at a fixed price.
When contacted, senior officials at Cipla welcomed the Sebi decision.
An official at Cipla said, "we received the order from Sebi today. Sebi has passed the interim order for listing of the shares and notices for hearings related to the underwriters will be passed later."
The Supreme Court had earlier asked Sebi to look into the Cipla issue. Several underwriters moved high court and called for cancellation of the rights issue. However, the decision on the case is still pending.