Stock market regulator Sebi<\/a> is expected to issue guidelines on confidential IPO pre-filing – allowing pre-filing sans public announcement to help safeguard sensitive business information of issuers – in the next 7-10 days, legal experts aware of the development said.
The Securities and Exchanges Board of India (Sebi) has been looking to allow such filings and was to discuss the matter in its board meeting on September 30, they said.
The Tata Group<\/a> direct-to-home<\/a> (DTH) platform is looking to raise Rs 2,000-2,500 crore ($300 million approximately), largely to give part to full exit to partners such as Walt Disney Company, which inherited its stake in the venture as part of its global buyout of Rupert Murdoch’s 21st Century Fox business, and Temasek, people cited above said.
There will also be some primary capital raise for growth, they added.
“The idea is to be ready and be the first off the block once the new confidentiality guidelines come in,” said an official in the know requesting anonymity. “For some reason if it does not, then a normal listing route can be considered.”
Tata Play has already mandated five investment banks – Kotak Mahindra<\/a> Capital, Bank of America, Citi, Morgan Stanley and IIFL – as lead arrangers and book runners in the proposed issue, the sources said.
Tata Sons and Tata Play spokespersons declined to comment.
As pre the existing norms, for pre-filing of IPOs, companies need to make a public announcement that they have pre-filed offer documents with Sebi and exchanges. The issuer company also has to clarify that pre-filing doesn’t necessarily mean it will hold an IPO.
A confidential filing, as the moniker suggests, allows a company to privately file a registration statement for an IPO with the regulator for review, delaying the public filing until much closer to the actual IPO date.
The veil of secrecy aids a company to withhold sensitive information from competitors, customers, and employees until much further down the road; in some cases, it even gives the option to withdraw a registrations statement without alerting the public.
Such filings are popular in the US and Canada among technology company listings like Uber, Airbnb, and Snap as a few months of data confidentiality are considered significant for high-growth firms.
In the case of Tata Play, there are several regulatory and local legal wranglings, prompting the group to explore this route, people cited above said.
Opting to file confidentially – and under the radar – also helps a company to choose to go public at a time when both the company is primed and the market is most supportive. Since there is no public knowledge of the filing, there will be no questions asked, no media or investor scrutiny, and no rush to commit to a date.
Later, if the company indeed chooses to proceed with the offer, it can update its financials, Sebi’s observations and put it out in public domain.
Currently in India, a company has to file a draft offer document (DRHP) with the regulator which might help its rivals get a sneak peek. Approvals tend to come in by 30-70 days after filing the DRHP. An issuer may still drop the plans after undergoing the whole exercise, as ET reported in its September 29 edition.
Beginning in 2004, Tata Sky was an 80:20 joint venture between Tata Sons and Network Digital Distribution Services FZ-LLC (NDDS), an entity owned by Rupert Murdoch’s 21 Century Fox. Walt Disney Co acquired Fox in 2019 and owns another 9.8% stake in Tata Sky through TS Investments Ltd, where Fox owned 49% stake with Tata owning the rest.
Singapore’s Temasek acquired a 10% stake in Tata Sky in FY08 through Baytree Investments (Mauritius) Pte Ltd and in FY13, Tata Opportunities Fund and Tata Capital Ltd acquired stake in the company. Temasek is also a limited partner in Tata Opportunities fund.
Tata Sons has a 41.49% stake in the company.
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塔塔准备是印度公司文件保密提交给印度证券交易委员会1日上市
新准则将在7 - 10天;公司看起来mn筹集300美元。规则帮助科技从竞争对手因为隐瞒敏感数据,投资者。迪斯尼,淡马锡可能得到部分完全退出。
读到
塔塔玩(原塔塔天空)将成为第一个印度公司——如果不是第一个文件提供文档的机密立案前首次公开募股(首次公开募股),可能在未来的两周内,很多人说。
股票市场监管机构印度证券交易委员会预计问题指南机密IPO立案前,允许立案前无公告帮助保护敏感的商业信息发行人——在接下来的7 - 10天,法律专家意识到发展。
印度证券交易所委员会(Sebi)想让这样的申请,9月30日的董事会会议讨论此事,他们说。
的塔塔集团 direct-to-home(DTH)平台希望筹集2000 - 2500卢比(大约3亿美元),主要给完全退出部分合作伙伴如华特迪士尼公司,继承了其股份合资企业作为全球收购的一部分,鲁珀特•默多克(Rupert Murdoch)的21世纪福克斯商业,和淡马锡,上面引用的人说。
也会有一些主要筹资增长,他们补充说。
“我们的想法是做好准备,是第一块一旦新保密准则进来,”一位官员说知道要求匿名。“出于某种原因,如果不,那么清单路线可以被认为是正常的。”
塔塔已经授权5投资银行——玩Kotak Mahindra资本,美国银行、花旗、摩根士丹利(Morgan Stanley)和IIFL出面和书跑步者提出的问题,消息人士说。
塔塔的儿子和塔塔玩发言人拒绝置评。
前现有的规范,ipo的立案前,公司需要公告,pre-filed提供文档与印度证券交易委员会和交流。发行人公司也澄清,立案前并不一定意味着它将举行IPO。
一份机密文件,顾名思义,允许一个公司IPO的私人文件登记声明的监管机构审查,把公众申请推迟到更接近实际的上市日期。
保密的面纱艾滋病公司隐瞒敏感信息的竞争对手,客户,员工,直到进一步的路上;在某些情况下,它甚至给选择撤回登记声明没有警告公众。
这样的文件是受欢迎的在美国和加拿大之间像超级科技公司上市,Airbnb,提前几个月高增长公司的数据机密性被认为是重要的。
对于塔塔玩,有几个监管和当地的法律争斗,促使集团探索这条路,上面引用的人说。
选择文件的机密性,在雷达下还可以帮助一个公司选择上市的时候公司就已经做好了准备,市场是最支持的。由于没有公共知识的文件中,将没有问题,没有媒体或投资者的审查,没有急于承诺日期。
后,如果公司确实选择进行报价,可以更新它的金融,印度证券交易委员会的观察和把它在公共领域。
目前在印度,一个公司必须文件草案提供文档(DRHP)监管机构可能帮助其竞争对手先睹为快。审批往往在30 - 70天之后申请DRHP。一个发行人可能仍将处于整个锻炼计划后,在9月29日版等报道。
从2004年开始,天空塔塔是一个80:20合资企业塔塔的儿子和网络数字发行服务fz llc (ndd),一个实体鲁珀特•默多克(Rupert Murdoch)旗下的21世纪福克斯。迪士尼公司在2019年收购福克斯,拥有另一个天空塔塔通过TS投资有限公司9.8%的股份,在福克斯拥有与塔塔拥有其余49%的股份。
新加坡淡马锡收购10%的股份在天空塔塔08财年通过月桂属植物投资(毛里求斯)Pte Ltd .和FY13,塔塔塔塔机会基金和资本有限公司收购的股份公司。淡马锡也是塔塔机会基金的有限合伙人。
塔塔桑公司41.49%的股份。
股票市场监管机构印度证券交易委员会预计问题指南机密IPO立案前,允许立案前无公告帮助保护敏感的商业信息发行人——在接下来的7 - 10天,法律专家意识到发展。
印度证券交易所委员会(Sebi)想让这样的申请,9月30日的董事会会议讨论此事,他们说。
的塔塔集团 direct-to-home(DTH)平台希望筹集2000 - 2500卢比(大约3亿美元),主要给完全退出部分合作伙伴如华特迪士尼公司,继承了其股份合资企业作为全球收购的一部分,鲁珀特•默多克(Rupert Murdoch)的21世纪福克斯商业,和淡马锡,上面引用的人说。
也会有一些主要筹资增长,他们补充说。
“我们的想法是做好准备,是第一块一旦新保密准则进来,”一位官员说知道要求匿名。“出于某种原因,如果不,那么清单路线可以被认为是正常的。”
塔塔已经授权5投资银行——玩Kotak Mahindra资本,美国银行、花旗、摩根士丹利(Morgan Stanley)和IIFL出面和书跑步者提出的问题,消息人士说。
塔塔的儿子和塔塔玩发言人拒绝置评。
前现有的规范,ipo的立案前,公司需要公告,pre-filed提供文档与印度证券交易委员会和交流。发行人公司也澄清,立案前并不一定意味着它将举行IPO。
一份机密文件,顾名思义,允许一个公司IPO的私人文件登记声明的监管机构审查,把公众申请推迟到更接近实际的上市日期。
保密的面纱艾滋病公司隐瞒敏感信息的竞争对手,客户,员工,直到进一步的路上;在某些情况下,它甚至给选择撤回登记声明没有警告公众。
这样的文件是受欢迎的在美国和加拿大之间像超级科技公司上市,Airbnb,提前几个月高增长公司的数据机密性被认为是重要的。
对于塔塔玩,有几个监管和当地的法律争斗,促使集团探索这条路,上面引用的人说。
选择文件的机密性,在雷达下还可以帮助一个公司选择上市的时候公司就已经做好了准备,市场是最支持的。由于没有公共知识的文件中,将没有问题,没有媒体或投资者的审查,没有急于承诺日期。
后,如果公司确实选择进行报价,可以更新它的金融,印度证券交易委员会的观察和把它在公共领域。
目前在印度,一个公司必须文件草案提供文档(DRHP)监管机构可能帮助其竞争对手先睹为快。审批往往在30 - 70天之后申请DRHP。一个发行人可能仍将处于整个锻炼计划后,在9月29日版等报道。
从2004年开始,天空塔塔是一个80:20合资企业塔塔的儿子和网络数字发行服务fz llc (ndd),一个实体鲁珀特•默多克(Rupert Murdoch)旗下的21世纪福克斯。迪士尼公司在2019年收购福克斯,拥有另一个天空塔塔通过TS投资有限公司9.8%的股份,在福克斯拥有与塔塔拥有其余49%的股份。
新加坡淡马锡收购10%的股份在天空塔塔08财年通过月桂属植物投资(毛里求斯)Pte Ltd .和FY13,塔塔塔塔机会基金和资本有限公司收购的股份公司。淡马锡也是塔塔机会基金的有限合伙人。
塔塔桑公司41.49%的股份。
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