Just dial offers “safety net” scheme with its IPO

Just Dial will adopt a scheme “Safety Net” for retail investors investing in its Rs 900-crore IPO (Initial Public Offering). Just Dial offering safety net provision along with a10% discount on the issue price when many companies had offered only 5% discount in past.

What is Safety Net scheme?

Safety Net is a scheme where the company promoters assure that they will buy back shares from the retail applicants at the IPO price, if its stock falls sharply during the first six months after listing. It was proposed by the market regulator SEBI in 2012.
Sebi had put out draft norms for safety net after its study showed that 62% of 117 companies listed between 2008 and 2011 fell below IPO price within the first six months of listing. The regulator could not make it mandatory after the proposal — the first of its kind anywhere in the world — met with strong criticism from investment bankers.
The buy back under safety net will trigger if volume-weighted price of the share for the previous 60 days on completion of the safety net period of six months is below the allotment price for retail applicants. As of now, it is not mandatory for companies to provide safety net.

MP government conferred Lata Mangeshkar Samman Alankaran 2013 to Hariharan

The MP government has conferred the 28th Annual Lata Mangeshkar Samman Alankaran 2013 on famous playback singer Hariharan. Hariharan is also the recipient of the Padma Shri. He gave his voice to various songs in different languages including Hindi, Telugu, Bhojpuri, Malayalam, Tamil, Kannada and Marathi.

Lata Mangeshkar Samman Alankaran 

  • Instituted by Madhya Pradesh government in 1984.
  • The award is conferred upon to the music composer and singer alternately.
  • Music composer Naushad was the first to receive this award.