SVPCL IPO Latest News Today

Giving the break to one of the worst IPO processing's in current time; Supreme Court (SC) rejected SVPCL's appeal and urged them to refund the money to the investors.

The SVPCL IPO was open from October 22, 2007 to October 26, 2007 and subscribed 1.09 times (retail 2.2419 times). Company filed for listing at BSE on 17th January 2008 but BSE rejected the application as Post issue Merchant Bankers (UTI Securities Limited) didn't provided an undertaking as required. Company moved to Andhra Pradesh High Court and then Supreme Court but lost the both the cases. Since Oct 2007 thousands of investor's money got stuck due to these legal problems.

Today once SC rejected SVPCL's appeal, it's now clear that SVPCL has to refund the money back to its IPO investors soon. SVPCL Ltd officials were unable to comment of this.

SVPCL Ltd IPO - Option to withdraw application

SVPCL Limited IPO has got some trouble while allocating shares due to some legal issues. Company published a letter to its investors saying that the delay in allotment/refunds is because of unintentional and inadvertent discloser which appeared on the cover page of its RHP, in the application form and also on other places in RHP. Company has corrected the document and submitted it to SEBI and stock exchanges.

Due to the define rules by SEBI, company has given an option to its investors to withdraw the application with in 10 days from the date of the notice i.e. on or before 5:30 PM on December 13, 2007.

Process to withdraw application:

Submit a duly signed request along with:
A. Name of applicants
B. Address
C. Application number
D. Number of shares bid for
E. Amount paid
F. Cheque number
G. Bank and branch detail

Send it to:

Kind Attn: Mr. G. Bhaskar
Aarthi Consultants Private Limited
1-2-285, Domalguda, Hyderabad - 500029
Phones: 040-27638111/27634445/27642217/55611921
Email: svpcl@aarthiconsultants.com

Payment of interest:
Company will pay interest to all applicants @ 15% p.a. for delay in allotment/refund beyond 10/11/2007.

For more detail check company notice to BSE

Incorporated in 1992, SVPCL Limited is Hyderabad based manufacturer of paper products and stationery. SVPCL also involve in large volume printing, computer stationery and security printing.

SVPCL is entering the capital markets with an initial public offering, IPO of [*] Equity Shares of Rs. 10/- each aggregating Rs. 34.50 Crore, for cash, at a premium to be decided through a 100% Book Built Issue.
 
The price band for the issue has been fixed at Rs. 40/- at lower level and Rs. 45/- at upper level for equity share of Rs. 10/-. The issue opens on Oct 22, 2007, and closes for subscription on Oct 26, 2007. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).