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Sebi suspends Barbeque Nation's Rs 700 cr-IPO due to past violations

However, the market regulator did not clarify whether the past violations have been committed by the company or related entities

Press Trust of India  |  New Delhi 

Representative Image
Representative Image

has kept processing of Barbeque Nation Hospitality's proposed IPO in abeyance "pending regulatory action for past violations", the latest update with the regulator showed.

However, the Securities and Exchange Board of (Sebi) did not clarify on whether violations have been committed by the company or related entities.

The company had filed draft papers with in August, seeking approval to float its (IPO).

The proposed IPO of the firm, which operates Barbeque Nation restaurants, comprises fresh issue of worth up to Rs 200 crore, besides an offer for sale of up to 61.79 lakh by promoters.

According to merchant sources, the public issue was expected to mobilise Rs 700 crore.

The Bengaluru-based firm proposed to use the proceeds of the IPO towards expansion of Barbeque Nation in the country and repayment of

Without disclosing the nature of violations, said it has kept the processing of IPO "in abeyance pending regulatory action for past violations", according to the latest update as on September 29.

IIFL Holdings, Edelweiss Financial Services, Jefferies and SBI Capital have been appointed to manage the company's public issue.

First Published: Wed, October 04 2017. 15:18 IST