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Thursday, 7 July 2016

SEBI relaxes quarterly filing norms for first-time adopters

In its circular released on July 5, 2016, the Securities and Exchange Board of India (SEBI) relaxed the norms of reporting quarterly financials, which will be applicable for companies adopting the new accounting standards (Ind AS) for the first time from FY17. The norms shall also be applicable to all companies subsequently adopting Ind AS. That said, these relaxations are optional and companies may choose to opt out. Further, the existing format for the presentation of quarterly financial statements will be continued until 3QFY17, which, in our opinion, is likely to create ambiguity whether revenues have to be reported as gross of excise (as required under Ind AS) or as net of excise (as required under the existing format).

Key Highlights:
-       The relaxation has been spread across two phases: (1) Q1 and Q2FY17 and (2) Q3FY17.
-       For Q1 and Q2FY17, companies have been granted the following relaxations:
(a) Extension of the timeline for reporting financial statements by one month;
(b) YoY comparable financials have to be provided (wherein limited review/audit will not be compulsory); and
(c) Presentation of yearly financials for FY16 is not mandatory.
-       For Q3FY17, presentation of financial statement for FY16 is not mandatory. However, if the company opts to do so, the same is subject to audit/limited review.
-       Further, for Q1FY17, provision of QoQ comparable financials is not mandatory.
-       The circular also relaxes the norm for not providing the balance sheet for the year ended FY16 along with Q2FY17. However, it is silent on providing the comparable half yearly balance sheet with Q2FY17 results. Looking into the kind of relaxations provided, the same will also be granted subsequently, in our view.
-       Companies currently have a one-time yearly choice (in line with the listing agreement) in Q1 of either reporting standalone or consolidated quarterly financials. For first-time adopters, this option will also be available in Q2 this year.

Larsen & Toubro Infotech Limited ipo


Larsen & Toubro Infotech Limited @ ALLIESFIN9. Get Pre Printed Soft copy of Asba Forms contact +919869958999 in advance. 

Profile
Larsen & Toubro Infotech Limited was incorporated in 1996 and is headquartered in Mumbai, India. It’s one of India’s global IT services and solutions company. In 2015, NASSCOM ranked it as the sixth largest Indian IT services company in terms of export revenues. It was among the top 20 IT service providers globally in 2015 according to the Everest Group’s PEAK Matrix for IT service providers. Companies clients comprise some of the world’s largest and well-known organizations, including 49 of the Fortune Global 500 companies.

Company leverage the strengths and heritage of its Promoter, Larsen & Toubro Limited, a leading Indian conglomerate in engineering, construction, manufacturing, finance and technology. The L&T group provides the Company with access to professionals with deep industry knowledge in the sectors in which it do business.

Company offer an extensive range of IT services to its clients in diverse industries such as banking and financial services, insurance, energy and process, consumer packaged goods, retail and pharmaceuticals, media and entertainment, hi-tech and consumer electronics and automotive and aerospace. Companies range of services includes application development, maintenance and outsourcing, enterprise solutions, infrastructure management services, testing, digital solutions and platform-based solutions. Company serve its clients across these industries, leveraging its domain expertise, diverse technological capabilities, wide geographical reach, an efficient global delivery model, thought partnership and “new age” digital offerings.
Offer Period
Offer Opens :  Monday, July 11, 2016
Offer Closes :  Wednesday, July 13, 2016
Lead Manager
Kotak / Citi / ICICI Sec
Price Band
Rs.705/- to Rs.710/- per equity share
Bid Lot
20 Equity share and multiple of 20 equity shares thereafter
Retail Discount:
Rs.10/- per equity share.
Prospectus Link:


Issue Size overall
Public offer of 1,75,00,000 equity shares through offer for sale (Rs.1,227.63 crs @ lower band & Rs.1,236.38 crs @ upper band)
Face Value:
Rs.1 each


QIB (including Anchor)
50% of the Offer (87,50,000 Equity shares) (Rs.616.88 crs @ lower price band & Rs.621.25 crs @ upper price band)
NIB
15% of the Offer (26,25,000 Equity shares) (Rs.185.06 crs @ lower price band & Rs.186.38 crs @ upper price band)
Retail
35% of the Offer (61,25,000 Equity shares) (Rs.425.69 crs @ lower price band & Rs.428.75 crs @ upper price band)
Mode of Payment
ASBA Mandatory (No Cheque will be accepted)
Registrar
Link Intime India Pvt. Ltd.
Listing
NSE and BSE

*Anchor bidding on 08th July 2016 Friday.

Note: To receive updates on Whatsapp,
please send message to +919869958999 from your Whatsapp account along with your Name, Place, Email.

Edelweiss Housing Finance Limited NCD Issue

Edelweiss Housing Finance Limited
To Apply Online with Your Demat A.c contact +919869958999
Issue Size
Public Issue of Secured, Redeemable Non-Convertible Debentures of our Company of NCDs aggregating upto ₹ 2500 million with an option to retain over-subscription upto ₹ 2500 million aggregating to a total of upto ₹ 5000 million.
Lead Manager
Edelweiss Financial Services Limited & Others
Issue opens
Friday, July 08, 2016
Issue closes
Wednesday, July 27, 2016
Allotment
First Come First Serve Basis
Face Value
Rs. 1000 per NCD
Issue Price
Rs. 1000 per NCD
Nature of Instrument
Secured Redeemable Non-Convertible Debentures
Minimum Application
₹ 10,000 (10 NCDs) and in multiple of ₹ 1,000 (1 NCD) thereafter across all Series
Listing
BSE & NSE
Rating
“CARE AA” by CARE, “[ICRA] AA” by ICRA & “BWR AA+” by Brickwork

SPECIFIC TERMS FOR EACH SERIES OF BONDS

Series
I
II
III
IV
V
VI
VII
Frequency of Interest Payment
Annual
NA
Annual
NA
Monthly
Annual
NA
Tenor
36 months
36 months
60 months
60 months
120 months
120 months
120 months
Coupon (%) for NCD Holders in Category I, II and II
9.50
NA
9.75
NA
9.57
10.00
NA
Effective Yield for NCD holders in Category I, II and III (per annum)
9.50
9.50
9.75
9.75
10.00
10.00
10.00

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