Capital markets regulator Sebi has withheld the listing of sponge iron maker Vaswani Industries' Rs 490 million initial public offer (IPO) offer after it received complaints regarding irregularities in subscriptions, it said late on Wednesday.
Based on the data from the exchanges and registrars on the subscriptions or withdrawals in the issue, which closed on May 3, and preliminary inquiries,
SEBI has advised the stock exchanges to withhold the listing of securities until further instructions.
Inquiries are in progress. Based on the findings, appropriate action would be taken, it added.
The company had sold 10 million shares at a price band of 45-49 rupees each and the issue was subscribed more than four times.
Source- http://www.financialexpress.com/news/sebi-stops-vaswani-industries-listing/793044/
Based on the data from the exchanges and registrars on the subscriptions or withdrawals in the issue, which closed on May 3, and preliminary inquiries,
SEBI has advised the stock exchanges to withhold the listing of securities until further instructions.
Inquiries are in progress. Based on the findings, appropriate action would be taken, it added.
The company had sold 10 million shares at a price band of 45-49 rupees each and the issue was subscribed more than four times.
Source- http://www.financialexpress.com/news/sebi-stops-vaswani-industries-listing/793044/
