Mumbai, Sep 29 (UNI) The Securities and Exchange Board of India (SEBI) today announced the successful implementation of the new mode of ASBA payment for retail individual investors, which made its debut in the public issue of 20 Microns Limited, that opened on September 8 and closed on September 11, 2008.
The Issue size of Rs 23.93 crore was oversubscribed four times overall, with the retail category being oversubscribed 11.13 times. Out of the total subscription money of Rs 78.65 crore, received in the retail category, allotment was made to the extent of Rs 8.75 crore, while the refundable money amounted to Rs 69.90 crore (approximately 89 per cent of the total subscription money received).
The amount refundable to ASBA investors was Rs 5.05 crore, which in accordance with the ASBA process, did not move out of the bank accounts of ASBA investors at any point of time.
At the time of receipt of application, the bank accounts of Non-ASBA investors were debited to the extent of 100 per cent of the application money. However, in case of ASBA investors, there was no such debit to the bank accounts, as the bank accounts were only blocked to the extent of 100 per cent of the application money. Consequently, after finalisation of the basis of allotment, only 11 per cent of the application money was released by the bank for the purpose of allotment. The balance remained in the bank accounts of ASBA investors, which were unblocked on September 26.
UNI VK RN NP1910