Credit rating agencies CRAs) have flagged concern that the inadequate disclosures around the use of funds raised through preferential issues and qualified institutional placements QIPs) may _ possibly impede the monitoring process, said people in the know.
The capital markets regulator Securities and Exchange Board of India Sebi) has mandated the monitoring of utilisation of issue proceeds for preferential issues and QIPs exceeding 100 crore. To do so, the company has to appoint a Sebi-registered rating agency. A similar framework is already in place for initial public offerings IPOs) and rights issues.
However, companies are required to make an exhaustive disclosure around the utilisation of capital raised through IPOs and rights issues in their draft red herring prospectus. These include _ clear demarcation around the use of proceeds under various heads and a timeline for the use of capital.
Diese Geschichte stammt aus der November 17, 2022-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der November 17, 2022-Ausgabe von Business Standard.
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