SEBI keeps Barbeque Nation’s IPO in abeyance

By: |
Published: October 4, 2017 4:42:49 PM

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.

Barbeque Nation had filed draft papers with SEBI in August, seeking approval to float its initial public offer.

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.

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.

IIFL Holdings, Edelweiss Financial Services, Jefferies India and SBI Capital Markets have been appointed to manage the company’s public issue.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Natco Pharma stock locked in 20% upper circuit on USFDA nod to Mylan for Glatiramer Acetate
2Petrol, diesel prices in Delhi, Mumbai, Bangalore, Chennai fall today; here are new rates
3Four automobile stocks to buy this festive season