Markets regulator SEBI refuses any interim relief to stock broker Karvy.
What's the Plan?: Telecom operator Bharti Airtel's Board is set to meet on December 4 to consider its fundraising plan worth $3bn to pay the adjusted gross revenue liability following the SC verdict and partially invest in the network.
“A meeting of the board of directors is scheduled to be held on December 4 to, inter-alia, consider and evaluate any and all proposals for raising of funds, either by issuance of equity shares, and or bonds, including foreign currency convertible bonds,” the company said in a filing. The board will also evaluate raising of funds through debentures, non-convertible debt instruments along with warrants, convertible debentures , securities or any other equity based instruments including through qualified institutions placement or rights issue, or through any other permissible mode, the filing said.
According to government data, the liabilities in the case of Bharti Airtel add up to nearly INR35,586cr, of which INR21,682cr is licence fee and another INR13,904.01 crore is the SUC dues. BS
Meanwhile...: The Securities and Exchange Board of India (SEBI) has rejected an interim relief for Karvy after Securities Appellate Tribunal (SAT) directed the markets regulator to examine Karvy's request on limited use of Power of Attorney, which would enable it to settle client trades.
Previously: SEBI had on November 22 banned stock broker Karvy from taking new clients and from executing trades for existing clients due to client defaults to the tune of INR2,000cr. Livemint
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