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May 05, 2012, 11.29 AM IST
Samvardhana Motherson Finance has withdrawn its initial public offering of shares to raise about 16.65 billion rupees due to poor demand, two sources with direct knowledge said on Friday.
The share offering was covered just 0.23 times of the total book size by 4 p.m. (1030 GMT) on Friday, the last day of bidding, according to stock exchange data. It was launched on Wednesday.
The company, which provides design and manufacturing solutions to automakers, had appointed Standard Chartered
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