Kalpataru arm Shree Shubnam Logistics withdraws IPO plan

Kalpataru Power Transmission today said its subsidiary Shree Shubnam Logistics Ltd (SSL) has withdrawn its initial public offer plan.
However, the company has not given any special reason for the same.
"On December 2, 2015, the board of directors of SSL has decided to withdraw the draft red herring prospectus filed with SEBI and has also intimated the same through its book running lead managers to SEBI, BSE and National Stock Exchange," Kalpataru Power Transmission Ltd said in a BSE filing today.
According to the statement, SSL had filed a draft red herring prospectus (DRHP) on February 19, 2015 with SEBI for its proposed IPO.

Under the proposal, the company wanted to issue equity shares of Rs 10 each comprising a fresh issue, aggregating up to Rs 210 crore and an offer for sale of up to 7,007,876 equity shares by Tano India Private Equity Fund II.
The offer included a reservation of 100,000 equity shares for eligible employees, as defined in the DRHP.