Sebi puts Manappuram Finance's arm Asirvad Micro Finance IPO on hold
The Hindu
Without disclosing the reason, Sebi said “issuance of observations (has been) kept in abeyance” with regard to the IPO of Asirvad Micro Finance, an update on the regulator’s website showed on January 10.
Capital markets regulator Sebi has kept in "abeyance" the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance.
However, the Securities and Exchange Board of India (Sebi) did not clarify further.
Reacting to the development, shares of Manappuram Finance plunged as much as 7.45% to a low of ₹163.40 apiece on the BSE on January 10.
Asirvad Micro Finance had filed preliminary papers with Sebi in October 2023 to garner Rs 1,500 crore through an IPO.
As per the draft red herring prospectus (DRHP), the public issue was purely a fresh issue of equity shares with no offer for sale (OFS) component.
Without disclosing the reason, Sebi said "issuance of observations (has been) kept in abeyance" with regard to the IPO of Asirvad Micro Finance, an update on the regulator's website showed on January 10.
The details were updated as on January 5.
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