Monday, September 8, 2008

Future Ventures IPO Cleared

Future Ventures will be the second Indian fund to be listed in stock markets, after IL&FS Investment Managers. Future Ventures India, the venture capital arm of the Future Group, has recieved the approval of market regulator Securities and Exchange Board of India (SEBI), for an initial public offering (IPO). Interestingly, SEBI has cleared the IPO with certain riders, when contacted officals from Future Group who confirmed the development. The market regulator has said that Future Ventures, which is modelled on the basis of a venture fund, has to invest the amount raised in three years and if not, it should be returned to the investors. Also if the firm decides to pick up a stake larger than 20%, then it has to seek shareholder approval. SEBI is looking to list the fund in a seperate segment, although details are not known repots vccirle.com.

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