IPO, OFS leh FPO – Eng nge an danglamna?
IPO
Initial Public offering chu company-in a ṭum khat nan a stock-te mipui lei theih tura stock market-a a chhawp chhuah hi a ni. IPO-ah chuan promoter-ten company share ṭhenkhat chu mipui lei theih turin an pho chhuak ṭhin a. Mipui lei theih tura company-in an share an zawrh chhan leh IPO kalpui dan hi IPO Market Part 1 leh Part 2-ah kan sawifiah tawh a nih kha.
Mipuite lei theiha share an pho chhuah chhan berah chuan sumlu (capital) hui khawma, zau zawka hmalakna tur atan emaw, company-in bul a ṭan tirha sum thawhtute (early investors) tân an share chu sum faia chantirna hun atan a ni ber. Exchange-ah IPO chu an list a, mipui nawlpuiin an trade theih tura secondary market a luh hnu chuan promoter-te chuan sumlu an la mamawh belh thei bawk. Sumlu hmu tur hian kawng 3 thlan tur a awm a, chungte chu: Rights Issue, Offer for Sale leh Follow-on Public Offer te a ni.
Rights Issue
Promoter-te chuan sumlu hmuh belh tur hian shareholder-te hnenah share thar chu man tlawm zawkin (a tlangpuiin Market Price aiin a tlawm zawk) an pe chhuak thei a. Shareholder chuan a share neih mek aṭanga chhûtin share thar a lei theih zat chu bituk a ni ang. Entir nan, 1:4 Rights Issue-ah chuan share 4 nei shareholder chuan share thar 1 a lei belh thei tihna a ni. Rights Issue hi sumlu hmuh belh nan ṭha thawkhat viauin lang mah se, company-a share nei tawh investor tlemtê aṭang chauhva sumlu chu siam theih a nih bakah, shareholder ṭhenkhat chuan share lei belh chu an lo duh lo ve thei bawk. Tin, rights issue-ah hian shareholder-te hnena zawrh tur share thar hlak siam a nih ṭhin avangin share awm sate hlutna a tihniam ṭhin bawk.
Rights Issue entirna pakhat han tar lang ila. South Indian Bank chuan ₹14/- zela hralh turin 1:3 (share 3 nei tan share 1 zel) rights issue a kalpui a, share man hi chutih laia Market Price aiin 30% laiin a tlawm zawk (Record-a a lan danin 17 Feb 2017-ah share hi ₹20-a trade mek a ni). Bank chuan shareholder-te lei theih turin share thar nuai 45.07 a tichhuak a ni.
Rights issue chungchang hi chipchiar zawkin Corporate Action zirlaiah tar lan a ni.
OFS
Rights issue-ah kha chuan shareholder-te hnenah chauh share chu hralh theih a ni a, OFS-ah ve thung chuan promoter-te chuan market pum puiah share chu an hralh thei ang. Exchange chuan Offer for Sale atan hian stockbroker-te kal tlangin a hranpain hun a hawng ṭhin a. Promoter-ten an share neih sa hralh an duh vang leh/emaw company share awm zawng zawng aṭanga mipui chanpual tur zat an tlin theih nan chauh lo chuan exchange chuan OFS kal tlanga sum siam hi a phal lo thung (Govt. PSU-ah chuan share zawng zawng aṭanga 25% chu mipui kuta awm tur a ni).
Company chuan floor price (share hralh theihna man hniam ber) a siam a, retail leh non-retail investor-te chuan floor price emaw a aia sanga an ngamnain share chu an chhâng thei ang. An chhânna zat chu cut-off price a nih emaw, a aia a san chuan investor Demat account-ah T+1 chhunga lut turin exchange-in a lo tifel bawk ang.
Offer for Sale entirna han pe leh ila. NTPC Limited chuan ₹168/- floor price-ah share mtd. 46.35 chu an tichhuak a, ni 2 chhungin investor-ten an chhang zo vek a ni. OFS hi non-retail investor tan 29 August 2017-ah neih a ni a, retail investor tan 30 August 2017-ah neih a ni bawk.
FPO
FPO pawh hi exchange-a stock list a nih hnua sumlu siamna chi khat a ni a, mahse share lei dan leh pek chhuah dan kalhmang erawh a dang deuh. FPO-ah chuan share thar siam belhin mipui lei theih turin an chhawp chhuak ṭhin. IPO ang bawkin Merchant Banker ruat an ni a, anni chuan Draft Red Herring Prospectus siamin SEBI-in a lo pawmpui hnuah investor-te chhân turin ni 3 atanga ni 5 chhung hun an hawng ṭhin. Investor-te chuan ASBA kal tlangin share chu an chhâng ang a, book-building kalpui hnua company-in Cut-off Price a siam dungzuiin share chu pek chhuah a ni ang. SEBI-in DRHP a endik chhung hi a rei ṭhin a, chuvangin FPO hi 2012 kuma OFS kalpui a nih aṭang khan hman tlanglawn a ni ta lo.
Company chuan Price Band siamin FPO chu mipui hriat turin puanzar ṭhin a ni. Invest duhte chuan Internet Banking hmangin ASBA portal-ah FPO chu an chhâng thei a, Bank Branch-ah kalin offline-in an chhâng thei bawk. Chhanna theh luh hun an khar hnuah chhangtu tam dan azirin cut-off price puan a ni a, share tharte chu secondary market-a trade turin exchange-ah an list ta ṭhin a ni.
FPO entirna atan Engineers India Ltd. in February 2014-ah ₹145 - ₹150 inkara share an tihchhuah hi han en ta ila. He FPO tihchhuahah hian share chhângtute hi share pho chhuah zat aiin a let 3 ngawtin an tam a (oversubscription of shares). FPO issue ni hmasa berah share chu ₹151.1-a trade a ni. Price band hniam lam hi market price aiin 4.2% in a tlawm zawk bawk a ni.
OFS leh FPO danglamna
- OFS chu Promoter-te share hralh chhuah nan hman a ni a, FPO chu project thar atana sum hui khâwm nan hman a ni thung.
- FPO-ah chuan share thar siam a nih avangin shareholder-in company pum pui aṭanga a chanpual (ownership percentage) chu a tla hniam ṭhin a, OFS chuan share awm zat a tidanglam ve lo thung.
- ₹1000 crore leh a chunglam market cap nei chin company-te chauhin sum siam nan OFS hi an kalpui thei a, exchange-a in-list company zawng zawngin FPO an kalpui thei thung.
- SEBI-in company-te hnena OFS kalpui theihna dan a siam hnuah FPO tihchhuah hi a tlem ta hle a, sum siam nan OFS chu hman tlanglawn ber a ni ta a ni.
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