Market regulator Securities and Exchange Board of India (SEBI) has withheld the listing of sponge iron manufacturer Vaswani Industries, reports CNBC-TV18.
The SEBI move follows complaints over irregularities related to allotment of shares post its Initial Public Offering (IPO). The Vaswani IPO was open from April 29-May 3.
As per the plan, the company is looking to raise Rs 50 crore via IPO. Issue proceeds are proposed to be used for pre-payment of the term loan (Rs 24.38 crore) and long term working capital (Rs 17.47 crore).
The SEBI move follows complaints over irregularities related to allotment of shares post its Initial Public Offering (IPO). The Vaswani IPO was open from April 29-May 3.
As per the plan, the company is looking to raise Rs 50 crore via IPO. Issue proceeds are proposed to be used for pre-payment of the term loan (Rs 24.38 crore) and long term working capital (Rs 17.47 crore).
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