Coalgate-tarred Abhijeet Power withdraws IPO plans
05 Oct 2012
Abhijeet Power, whose promoter and group chairman Manoj Jayaswal is now under the CBI lens in connection with the controversial coal block allocation, has withdrawn its IPO plans for raising Rs1,375 crore.
The proposed IPO by Abhijeet Power Limited was withdrawn through a letter dated 25 September 2012, according to the latest update provided by the market regulator Sebi (Securities and Exchange Board of India).
Sebi had received draft offer documents for the proposed IPO on 30 June, 2011, through lead manager of the issue DSP Merrill Lynch Ltd.
The draft offer documents for the IPO stand "withdrawn by LM (DSP Merrill Lynch) vide letter dated September 25, 2012," Sebi said.
Companies that seek to raise funds through sale of shares to the public investors through instruments like IPOs need Sebi clearance for the same.
The market regulator did not disclose the reasons for withdrawal of the offer documents.
