Vaswani IPO Latest News Today

SEBI has issued a press release in the matter of initial public offer of Vaswani Industries Ltd. Following are the highlights of the press release:

 1. Vaswani Industries Ltd shall give withdrawal option to all the investors who have been allotted shares in the non-institutional investors category and the retail individual investors category.
 2. Investors who apply in the withdrawal option shall enclose a Delivery Instruction Slip.
 3. In the event of refund/withdrawal on the exercise of the withdrawal option by an investor, the Company may deduct the expenses incurred in connection with its IPO.
 4. Rikhav Securities Limited is prohibited to act as a syndicate member/sub-syndicate member for all forthcoming issues.

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SEBI has issued a press release in the matter of initial public offer of Vaswani Industries Ltd. Following are the highlights of the press release:

1. Listing of security of the company should be stopped till an investigation of the withdrawal of applications is complete.
2. Before permitting the security of the company to list, investors should be given an exit option so that the securities allotted to them in the IPO can    be withdrawn; subsequently, a call on the investment in the company can be taken by the investors post listing of the same.
3. A detailed investigation will start in this matter which will complete in 30 days (by 25th June 2011).
4. The bankers will place the amount in the public issue account in an interest earning account.

Vaswani lPO listing will be delay due to complaints from investors. SEBI started their investigation after receives complaints from investors alleging that large number of high net worth investors (HNI) and retail investors had either withdrawn their application or their cheque got cancelled after subscribing heavily during the book building process.

 As per SEBI Notice:

Post the closure of the issue, SEBI had received complaints from investors regarding irregularities in the subscriptions in the said issue. Based on the data received from the exchanges/registrars regarding the subscriptions/withdrawals and preliminary inquiries into the matter, SEBI has advised the stock exchanges to withhold the listing of securities until further instructions. Inquiries in the matter are in progress. Based on the findings, appropriate action would be taken.

Vaswani IPO allotment status is now available online.

Vaswani IPO IPO was open on Apr 29, 2011 and closed on May 03, 2011. IPO was oversubscribed by 4.16 times (6.83 times in retail) on closing day.

Vaswani Industries Ltd IPO finally subscribed 4.16 times on its closing day. Vaswani Industries IPO was open on Apr 29, 2011 and closed today on May 03, 2011 for subscription. Vaswani Industries has received bids for 4,16,22,720 shares as against issue size of 1,00,00,000 shares.

Subscription Detail

Qualified Institutional Buyers (QIBs): 0.16 Times
Non Institutional Investors: 11.29 Times
Retail Individual Investors (RIIs): 6.82 Times

Total: 4.16 Times

Vaswani Industries Ltd  IPO subscribed 1.26 times on its day 2. Vaswani Industries IPO was open on Apr 29, 2011 and will close tomorrow on May 03, 2011 for subscription. Vaswani Industries has received bids for 1,26,18,840 shares as against issue size of 1,00,00,000 shares.

Subscription Detail for Day 2

Qualified Institutional Buyers (QIBs): 0.00 Times
Non Institutional Investors: 7.41 Times
Retail Individual Investors (RIIs): 0.43 Times

Total: 1.26 Times

Vaswani Industries Ltd  IPO subscribed 0.95 times on its day 1. Vaswani Industries IPO opens today on Apr 29, 2011 and will close on May 03, 2011 for subscription. Vaswani Industries has received bids for 94,58,760 shares as against issue size of 1,00,00,000 shares. Issue received excellent response from Non Institutional Investors

Subscription Detail for Day 1

Qualified Institutional Buyers (QIBs): 0.00 Times
Non Institutional Investors: 6.08 Times
Retail Individual Investors (RIIs): 0.10 Times

Total: 0.95 Times

Vaswani Industries Ltd (VIL) is entering in the capital markets with an initial public offering, IPO of 10,000,000 Equity Shares of Rs 10 each. The price band for the issue has been fixed at Rs 45/- at lower level and Rs 49/- at upper level.

Vaswani Industries Ltd (VIL) is part of Vaswani Group of Industries. VIL is engaged in integrated business of manufacturing Sponge Iron, Steel Billets & Ingots and power generation.

The issue opens on Apr 29, 2011 and closes for subscription on May 03, 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).