C2C Advanced Systems on Monday postponed the listing of its shares after the Securities and Exchange Board of India ordered it to appoint an independent auditor and obtain an independent financial report.
In a notification to NSE, the company said it has already appointed an auditor and the report is expected within a few days.
The development came after the initial public offering of small and medium-sized enterprises attracted bids of 108.02 times the offering amount. The stock was scheduled to be listed on November 29th.
C2C Advanced Systems offered IPO investors, including the anchor portion, the option to withdraw their bids for shares before the allotment was made. No new subscriptions will be issued.
Last day to apply or withdraw bids is November 28th at 3pm
“The National Stock Exchange will set up a monitoring body for the utilization of funds post-listing. The IPO listing will be postponed until the independent auditor submits its report to NSE/SEBI,” the notification said.
New Delhi-based defense electronics solutions provider C2C Advanced Systems had planned to raise Rs 9,910 crore through a public issue of 43.8 million shares at a stock price of Rs 226 per share.
