SEBI has kept the processing of Barbeque Nation Hospitality's proposed IPO in abeyance "pending regulatory action for past violations", the latest update with the markets regulator showed.
SEBI has kept the processing of Barbeque Nation Hospitality’s proposed IPO in abeyance “pending regulatory action for past violations”, the latest update with the markets regulator showed. However, the Securities and Exchange Board of India (SEBI) did not clarify on whether violations have been committed by the company or related entities. The company had filed draft papers with SEBI in August, seeking approval to float its initial public offer (IPO).
The proposed IPO of the firm, which operates Barbeque Nation restaurants, comprises a fresh issue of shares worth up to Rs 200 crore, besides an offer for sale of up to 61.79 lakh shares by promoters. According to merchant banking sources, the public issue was expected to mobilise Rs 700 crore.
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The Bengaluru-based firm proposed to use the proceeds of the IPO towards the expansion of Barbeque Nation restaurants in the country and repayment of loans. Without disclosing the nature of violations, SEBI said it has kept the processing of IPO “in abeyance pending regulatory action for past violations”, according to the latest update as on September 29.