Private equity firm Everstone Capital-backed Hinduja Leyland Finance Ltd has postponed its plans to go for an initial public offering with just days remaining for the regulatory approval for the public issue to lapse.
The Chennai-based company decided to let the approval for the Rs 700-crore ($108 million) public float expire, Mint reported, citing unnamed persons.
The company had received the Securities and Exchange Board of India’s nod on 24 June 2016 for a public issue. The approval for an IPO by SEBI is valid for 12 months from the date the capital markets regulator gives its nod.
Hinduja Leyland Finance, which counts various Hinduja group firms including Ashok Leyland as its promoter group shareholders, joins a dozen other companies that failed to launch their IPOs over the last 15 months despite getting approval from SEBI.
Another Chennai-based firm Matrimony.com had skipped date with its planned IPO in December last year. It refiled IPO documents last month.
AGS Transact Technologies Ltd, Shree Shubham Logistics Ltd, Amar Ujala Publications Ltd, SSIPL Retail Ltd, Catholic Syrian Bank Ltd, Paranjape Schemes (Constructions) Ltd, Nuziveedu Seeds Ltd and VLCC Healthcare Ltd are also among the firms that decided to drop their IPO plans this year.
SMC Global Securities Ltd turned its eyes towards a US listing.
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