MBL Infra IPO : Option to Withdraw Application
Market Regulator Securities Exchange Board of India (SEBI) has asked MBL Infra Ltd. to offer withdrawal option to MBL Infra IPO Investors due to company’s failure to disclose a dispute with State of Jharkhand in its Draft Red Herring Prospectus(DRHP).
The IPO of MBL Infra Ltd., which closed for subscription on 1st December 09, was subscribed 1.97 times. The IPO had received over-subscriptions mainly in QIB and HNI Categories, with very little bids in the Retail Category.
The company is engaged in the business of construction and maintenance of roads and highways, industrial infrastructure projects and other civil engineering projects for various government bodies and other clients. It is also engaged in steel trading and waste management (ferrous scrap and slag recycling) at major steel plants.
The equity shares are proposed to be listed on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.
Motilal Oswal Investment Advisors Private Limited is the book running lead manager and Intime Spectrum Registry Limited is the registrar to the issue.
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