“LIC wrote a letter to Sebi after the Follow-on Public Offer (FPO) of the Rural Electrification Corporation in March this year, asking the regulator for price secrecy in the French Auction bids of institutional investors,” reports PTI. French auction gives institutional investors the freedom to place bids above the floor price and preference is given to those with higher bids. However, LIC said disclosure gives unnecessary advantage to last minute entrants.
Published 31 May 2010, 14:53 IST