Videocon D2H Withdraws Rs 700 cr IPO Application

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Direct to Home services provider Videocon D2H has withdrawn its Rs 700-crore initial public offer proposal amid reports that it plans to start a fresh process to hit the capital markets.

The company had filed draft offer documents with the Securities and Exchange Board of India for the proposed IPO in in September last year. However, the company through its lead merchant banker Axis Capital withdrew its offer documents on March 27 this year, as per the latest update available with Sebi.

The regulator, in February, had decided to keep the processing of the company’s offer document in “abeyance” following a request made by Videocon D2H in this regard. Videocon D2H Ltd, the satellite television arm of Videocon group, got listed on the Nasdaq last month. This is the first Indian media company to list overseas and the largest Indian IPO in the US in over eight years. The company is reportedly planning to file fresh papers with Sebi to float an IPO. Click here to read the full post

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Wahengbam Rorrkychand

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