BSE to exclude 10 cos from IPO Index

The Bombay Stock Exchange today said 10 companies on its recently launched IPO index to track newly listed companies for the first two years would be excluded after completion of their term.

The exclusion of companies from the BSE IPO Index would be effective from September 14, the exchange said in a statement.

Post exclusion, the number of scrips in the BSE IPO Index would decrease to 39 from 49 at present.

Among companies, which would be excluded from the index, include Central Bank of India, Omaxe, Everonn Systems India, Indowind Energy, KPR Mills, IVR Prime Urban Developers, Motilal Oswal Financial Services, Take Solutions, Puravankara Projects and Zylog Systems.

Last month, the Asia's oldest bourse had launched initial public offer Index to track the values of firms for the first two years after their listing on the bourse.

Base date of Index is May 3, 2004, while its base value was fixed at 1,000 points.

"A scrip will be excluded from the index on the second Monday of the month after completion of two years of listing," the exchange had said during the announcement of index launch.

The BSE IPO Index on Monday closed at 1,984.83, up 1.76 per cent or 34.35 points. The benchmark index Sensex rose by 327.20 points or 2.09 per cent to close at 16,016.32 level.

Meanwhile, the BSE also announced a change in another index. SI Group-India would be excluded from the BSE Small-Cap Index with effect from September 16, it added.