New Delhi : Regulator Sebi is believed to have found ICICI Prudential MF in violation of rules during the last day bidding for IPO of the group firm ICICI Securities and has asked the fund house to pay back Rs 240 crore, with 15 per cent interest, to its five schemes from which the money was taken for the shares.
Besides, the fund house has been asked to pay the investors, who have redeemed their units since allotment of shares in the initial public offer, after calculating the loss incurred by the respective schemes due to fall in the ICICI Securities share price, sources said.
Investors will need to be given an interest of 15 per cent, Sebi has said in a letter to ICICI Prudential AMC.
When contacted, the fund house declined to comment.
Sources said Sebi has found that the act of ICICI Pru, its CEO and the respective fund managers was not in the interest of unit holders. It was also in violation of mutual fund rules related to code of conduct and due diligence in revising its bids and putting in more money to help save the IPO on the last day, they added.
In March, ICICI Securities came out with its IPO for 77,249,508 shares, with a price band of Rs 519- 520. It had reduced the size of the offer to a little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high net worth individuals.
The share sale of the leading brokerage firm — which was to raise up to Rs 4,016 crore — received around 88 per cent subscription, including the anchor portion, on the last day of the bidding.