IT People withdraws FPO

Khandwala Securities Ltd & Religare Securities Ltd (Book Running Lead Managers (BRLM's)) for the Further Public Issue of the Company, have announced that the Company has decided not to proceed with the issue, in terms of para 2 appearing on page no 112 of the Red Herring Prospectus.

The application money received from the applicants will be refunded in terms of the Red Herring Prospectus.

The Company has decided with the consent of the Board, not to follow through it’s current FPO, as certain key strategic investors have proposed for providing of long term equity participation in the Company. This would substantially complement and strengthen the company’s long term plans and strategies.

The Company received a favorable response from the QIB & HNI participants in the FPO but due to a lack of response to desired levels from the retail investors (inspite of the issue been completely underwritten by the BRLM’s) the Company has decided to withdraw the issue. The Company will take the opportunity of moving ahead with the interest shown by strategic investors.

Source : Equity Bulls

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