Last Updated: February 27, 2023, 12:51 IST
Indian attire retailer Fabindia mentioned it has withdrawn its 40 billion rupee ($482.43 million) preliminary public providing (IPO) due to tough market situations, changing into the most recent firm to shelve itemizing plans as rate of interest worries stress inventory markets.
“The resolution to withdraw was taken as the present market situations weren’t seen to be conducive for itemizing,” Fabindia said in a statement on Monday.
Fabindia had planned the IPO with a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders’ stock.
($1 = 82.9130 Indian rupees)
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