Without disclosing the details of the clarifications sought, the Securities and Exchange Board of India (Sebi) has said that "clarifications (are) awaited from lead manager" for the proposed public offer.
As per the latest weekly update to the processing status of draft offer documents filed with Sebi, the regulator has said clarifications were awaited on the initial public offering (IPO) of Bharat Business Channel, which provides direct-to-home TV services under Videocon D2H brand, as on January 11, 2013.
The status is updated on a weekly basis by the regulator and the next update of the status as on January 18, 2013 would be uploaded on the Sebi website on the next working day.
Sebi said it might issue observations on Bharat Business Channel's draft offer document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.
The regulator had received the draft offer documents of on December 14 through its lead manager Enam Securities. The company's proposed IPO estimates to raise Rs 700 crore. It is also considering to raise Rs 50 crore through a pre-IPO placement of its shares to institutional investors.
The proposed IPO would comprise atleast 25 per cent of equity capital giving a valuation of Rs 2,800 crore to Bharat Business Channel.
The company plans to use the funds for "acquisition of set-top boxes, outdoor units and accessories thereof, repayment/prepayment of certain indebtedness and general corporate purposes."