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Thursday, March 29, 2007

Sebi to process Gammon unit IPO papers

Gammon India said the Securities Appellate Tribunal has passed an interim order directing the Securities and Exchange Board of India to process its subsidiary's draft document for an initial public offering, IPO.

The tribunal also admitted the appeal filed by Gammon's subsidiary, Gammon Infrastructure Projects (GIPL), against a Sebi order, which "denied GIPL access to the capital market for a period of one year," it said on Wednesday. On February 6, the stock market regulator had barred Gammon's subsidiary Gammon Infrastructure Projects from proceeding with its initial public offer, for a year.

Last year in December, Sebi had barred Gammon, its chairman Abhijit Rajan and two other entities from any transaction in the shares of Gammon Infrastructure for three years from the date of allotment in its issue.

Sebi was investigating the use of company funds for a rights issue and failure to make certain disclosures, reports The Economic Times.

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