24 May 2008
As per Provision of CARO Auditor has to comment on the end use of the money raised by public issue. During the year Company has not raised fund through public issue however Company raised fund through Qualified Institutional Placements. Whether fund raised through QIP would be covered under this clause
26 May 2008
in my opinion, it will be called private placement.
public offer is called where anybody can bid. if co. itself directly went to institutions to raise funds thru issue of shares, it shud not be called public offer.
CAclubindia
