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Paper-to-power conglomerate Avantha Group is on a restructuring drive in an attempt to ensure fresh capital infusion, cost-trimming and improvement in margins.
The initial public offering (IPO) of its group company Avantha Power will hit the capital market in July-August 2013. It aims to garner Rs 1,250 crore to Rs 1,500 crore through this IPO.
Owing to a sluggish trend in stock markets, at least 22 companies, mainly from real estate and power sector, have called off their initial public offers (IPOs) in this fiscal, a report has said.
Abhijeet Power has filed initial papers to raise up to USD 307.6 million via initial public offering, the company said in a newspaper advertisement on Friday.
Even after a year of filing the draft red herring prospectus (DRHP) with the SEBI, Avantha Power & Infrastructure’s initial public offer seems like a far fetched dream. Sources inform CNBC-TV18 that the issue may get delayed to the fourth quarter of fiscal year 2012 on account of non-conducive market conditions.