The Securities and Exchange Board of India vide its notification dated 29th September 2020 has extended the validity of SEBI observations which is expiring between 1st October 2020 and 31st March 2021 to 31st March 2021 subject to an undertaking from the lead manager to the issue confirming compliance with Schedule XVI of the ICDR Regulations, 2018 while submitting the updated offer document to the Board.
Further Sebi has mentioned that the issuer, whose offer document for IPO, follow-on public offer and right issue is pending receipt of its observation, will be permitted to increase or decrease the fresh issue size by up to 50 per cent of the estimated issue size. This can be done without requiring to file fresh draft offer document with the Sebi.
The relaxation is subject to no change in the objects of the issue, and the lead manager will need to ensure that all appropriate changes are made to the relevant section of draft offer documents, and an addendum in this regard will be made public.
After due consideration, it has been decided that the relaxation with regard to revision in issue size up to 50 per cent will continue till 31st March 2021.
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