DIVISION CHIEF
PRIMARY MARKET DEPARTMENT

PMD/PKN/1759/95
July 5, 1995

To,

The Executive Directors/Presidents/Managing Directors.
All Stock Exchanges.

Dear Sirs,

Fixing of record dates relating to rights issues

Please refer to the letter dated June 6, 1995 from our Secondary Market Department advising you to amend the listing agreement since the requirement of obtaining acknowledgment card from SEBI for the purpose of rights issue has been done away with from 1.7.95.

We have received queries about the fixation of the record dates for the purpose of rights issues. It is clarified that we have no objection if a company gives a notice to the stock exchange for fixing up the record date at the time of submission of letter of offer to SEBI. However, if SEBI makes observations on the letter of offer, it would be the responsibility of the lead manager to incorporate the observations in the letter of offer.

If the terms of offer of the rights issue are subsequently changed, it will be the lead manager’s responsibility to compensate the buyers or sellers in the market.

Yours faithfully,
sd/-

P K NAGPAL

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