Sebi seeks fresh clarification on Adlabs Entertainment's IPO

Market regulator Sebi has sought fresh 'clarifications' from Adlabs Entertainment regarding the company's proposed initial public offer (IPO).
Adlabs Entertainment runs amusement park -- Adlabs built by film producer and director Manmohan Shetty.
Without disclosing the details of clarifications sought, Sebi has said "clarifications (are) awaited from lead manager" for the proposed public issue.
As per the latest weekly update to the processing status of draft offer documents filed with Securities and Exchange Board of India (Sebi), the regulator has said clarifications were awaited on the proposed IPO of Adlabs Entertainment as on August 29, 2014.
The status is updated on a weekly basis by the regulator and the next update of the status as on September 5, 2014 would be uploaded on the Sebi's website the next working day.

The market regulator said that it might issue observations on Adlabs Entertainment's IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

Prior to that, Sebi had sought clarification from Adlabs Entertainment's lead manager, Deutsche Equities India Private Limited, in early August as well as in July.
The latest communication between regulator and merchant banker took place on Thursday (August 28).
The regulator had received the draft offer documents on May 22, 2014 through its lead manager.
The company has proposed a public issue of 2.3 crore equity shares of face value of Rs 10 each. The issue comprises a fresh public issue of up to 2.2 crore shares and an offer for sale of up to 20 lakh shares by the promoter Thrill Park Ltd.

Adlabs Entertainment intends to deploy the funds raised from the fresh issue for payment of loans and general corporate. Besides, the company is considering a pre-IPO placement of up to three lakh equity shares for an amount not exceeding Rs 80 crore.
The equity shares are proposed to be listed on BSE and National Stock Exchange.