SEBI issued revised guidelines for Offer-For-Sale (OFS) or Auction route used to offload promoters holding to achieve the minimum public shareholding requirement by June 2013. In its circular SEBI said that indicative price of the offer should be disclosed throughout the trading session and the same should be calculated on the basis of 'all valid bids/orders'. Promoters of top 100 market cap companies will be eligible for sale of shares through auction route. Orders made with 100% upfront fee by institutional and non-institutional investors will be allowed modification/cancellation during trading hours.
SEBI Cicular click here
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