Richway International Trade Limited gets listed on SME-ITP
Updated: Sep 09, 2014 04:05:31pm
Mumbai, Sept 9 (KNN) Mumbai based Richway International Trade Limited has been listed on the SME Institutional Trading Platform of Exchange (SME-ITP) in the list of IP Group of Securities.
The company deals in all types of ready-made garments, coverings, coated fabrics, textiles, hosiery, silk, merchandise made from or with cotton, nylon, silk, polyester, acrylics, wool, jute and other kinds of fibre whether natural or artificial and by mechanical or other means.
Currently there are 11 companies listed on the ITP platform.
In the budget speech of 2013, the then Finance Minister, announced that the start-ups and SMEs can get listed on the bourses without IPO. Accordingly, SEBI had made the provision in ICDR guideline by introducing Chapter XC whereby listing on the Exchange was made possible without bringing Initial Public Offer (IPO). SEBI had notified the same on October-8, 2013 and also issued a detailed circular on October-24, 2013.
One of the benefits of listing on ITP is that it would facilitate capital raising by small and medium enterprises including start-up companies which are in their early stages of growth. It would also provide easier entry and exit options for informed investors like angel investors, VCFs and PEs etc., to and from such companies.
In addition, listing on the ITP would provide better visibility and wider investor base; relaxed compliance and cost effective listing; and tax benefits to long term Investors.
The regulator has provided an exemption to SMEs, under which companies have to offer up to 25 per cent of its shareholding through an IPO.
Any company with a paid up capital not exceeding Rs 25 crore in any of the previous financial years and has at least one full year's audited financial statements for the immediately preceding financial year at the time of making listing application is eligible to get listed at the BSE SME ITP, reports media.
Further, any company that has not completed a period of more than 10 years after incorporation and its revenues have not exceeded Rs 100 crore in any of the previous financial years is also one of the eligibility criterions. (KNN/ES)
The company deals in all types of ready-made garments, coverings, coated fabrics, textiles, hosiery, silk, merchandise made from or with cotton, nylon, silk, polyester, acrylics, wool, jute and other kinds of fibre whether natural or artificial and by mechanical or other means.
Currently there are 11 companies listed on the ITP platform.
In the budget speech of 2013, the then Finance Minister, announced that the start-ups and SMEs can get listed on the bourses without IPO. Accordingly, SEBI had made the provision in ICDR guideline by introducing Chapter XC whereby listing on the Exchange was made possible without bringing Initial Public Offer (IPO). SEBI had notified the same on October-8, 2013 and also issued a detailed circular on October-24, 2013.
One of the benefits of listing on ITP is that it would facilitate capital raising by small and medium enterprises including start-up companies which are in their early stages of growth. It would also provide easier entry and exit options for informed investors like angel investors, VCFs and PEs etc., to and from such companies.
In addition, listing on the ITP would provide better visibility and wider investor base; relaxed compliance and cost effective listing; and tax benefits to long term Investors.
The regulator has provided an exemption to SMEs, under which companies have to offer up to 25 per cent of its shareholding through an IPO.
Any company with a paid up capital not exceeding Rs 25 crore in any of the previous financial years and has at least one full year's audited financial statements for the immediately preceding financial year at the time of making listing application is eligible to get listed at the BSE SME ITP, reports media.
Further, any company that has not completed a period of more than 10 years after incorporation and its revenues have not exceeded Rs 100 crore in any of the previous financial years is also one of the eligibility criterions. (KNN/ES)
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