SEBI Update: Diffusion Engineers' IPO Papers Returned, Rays Power Infra Withdraws DRHP

20 Mar 2024 , 12:36 PM

The Securities and Exchange Board of India (SEBI) has taken action on two fronts in the IPO space: firstly, by returning the draft papers submitted by Diffusion Engineers, and secondly, noting the withdrawal of the draft red herring prospectus (DRHP) filed by Rays Power Infra.

Diffusion Engineers, a provider of engineering solutions, had lodged its draft papers with SEBI on December 27, 2023, aiming to raise capital through a public issue. The proposed IPO solely comprised a fresh issue of 98.47 lakh equity shares, with no offer-for-sale component. However, SEBI returned these draft papers on March 7, as per the processing status paper released by the regulator on March 15.

The intended utilization of the fresh issue proceeds included expanding existing manufacturing facilities and setting up a new facility, among other purposes. Unistone Capital was designated as the sole book running lead manager for the issue.

On the other hand, Rays Power Infra, a Gurugram-based company specializing in turnkey solar engineering, procurement, and construction (EPC) services in the renewable energy sector, chose to withdraw its DRHP on March 13.

The company had submitted its draft papers on December 29, 2023, outlining an IPO comprising a fresh issue of shares worth Rs 300 crore alongside an offer-for-sale of 29.95 lakh equity shares by promoters.

Anand Rathi Advisors and Unistone Capital were appointed as the merchant bankers for the issue.