In a release issued here, the company said it has withdrawn the IPO and postponed its issue to an appropriate time.”
The company ascribed this decision to the prevailing adverse market sentiments, fuelled by renewed indications of a US recession and global meltdown. Further, it said the application money would be refunded in 10-15 days.
Initially, the IPO was expected to raise over Rs 7,000 crore in a price band of Rs 610-690 per share and then the bid date was extended and the offer price was brought down twice to Rs 540-630 per share initially and finally to Rs 530-540 per share.
Shares of realty firms fell by up to six per cent on Friday. The BSE Realty index fell 2.46 per cent to close at 9,783.85 after plunging to a low of 9,490.14 points during the day as against Thursday’s close of 10,030.33 points. Out of the 14 firms included in the BSE Realty index, all stocks, except three, ended in the red .
