Sadbhav Infrastructure changes issue structure, withdraws IPO prospectus

Sadbhav Infrastructure Project Limited has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI). The company had got the market regulator’s nod for launching its initial public offer (IPO) last month. In a statement to the Bombay Stock Exchange (BSE), Sadbhav Infrastructure’s parent Sadbhav Engineering Limited updated that the DRHP has been withdrawn due to a change in issue structure. Sadbhav Infrastructure Project Limited will file the prospectus again, although the timing is not known.

According to the prospectus filed in December 2014, Sadbhav Infrastructure planned to raise INR600 crore in the IPO that would have seen existing investors Norwest Venture Partners and Xander Investment Holding offloading their shares.

As the name suggests, Sadbhav Infrastructure is an infrastructure play. The company has specializes in build-operate-transfer (BOT) road projects and has operations spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana besides border check posts in Maharashtra.

Sadbhav Infrastructure changes issue structure, withdraws IPO prospectus
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Anurag Gupta

With a profound experience in the finance field, Anurag also has years of experience in writing about different domains including finance and technology. He used to write for different content portals along with his association with IPO Central as a frequent contributor. His financial analyst’s background supports his writing and help him to get aware about different news’ of finance world.

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