Four Seasons Residency withdraws IPO plan

Ahmedabad-based hospitality firm Four Seasons Residency Ltd has withdrawn its plan for an initial public offering (IPO.

The company had filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) on 20 February.

The firm was aiming to raise Rs 125-150 crore through the IPO which would have comprised a fresh issue of 10 million shares and resulted in a 38.89% stake dilution in its equity.

Meanwhile, state-owned housing and urban infrastructure financing company Housing and Urban Development Corporation Ltd (Hudco) has received regulatory clearance for its IPO from SEBI.

Hudco’s IPO, which will see the government sell 10% stake as part of its disinvestment programme, received final approval from SEBI on 10 March.

Hudco becomes the 10th company to receive regulatory clearance for an IPO this calendar year.

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