Vaswani Industries Limited IPO listing was withold by SEBI earlier and now SEBI has isued another order in this matter. This latest order number is PR No.76/2011 and issued by Dr. K M Abraham, Whole Time Member, SEBI.
The IPO was open between 29th Apr 2011 to 3rd May 2011. The price band was Rs 45 to Rs 49 and the Issue Price was fixed at the upper level of price band, Rs 49 per equity share. The company had entered into primary market with an Initial Public Offer (IPO) of Rs. 49.00 Crore. Vaswani Industries Limited is engaged in integrated business of manufacturing Sponge Iron, Steel Billets & Ingots and power generation. VIL is a part of Vaswani Group of Industries.
The new SEBI order says that listing of IPO of Vaswani Industries Limited should be stopped till an investigation of the withdrawal of applications is complete. Before permitting the security of the company to list, investors should be given an exit option so that the securities allotted to them in the IPO can be withdrawn. A detailed investigation will start in this matter which will complete in 30 days i.e. 25th Jun 2011. The bankers will place the amount in the public issue account in an interest earning account.Google+