SEBI returns IPO papers of Diffusion Engineers, Rays Power Infra withdraws draft papers

The Securities and Exchange board of India (SEBI) has returned the draft papers filed by Diffusion Engineers for floating IPO, while Rays Power Infra has withdrawn its draft red herring prospectus (DRHP) filed for fund raising via initial public offering.

Engineering solutions provider Diffusion Engineers had filed draft papers with the market regulator on December 27, 2023 as the company planned to raise funds via public issue which comprised only a fresh issue of 98.47 lakh equity shares with no offer-for-sale component.

The SEBI has returned the said draft papers of Diffusion on March 7, as per the processing status paper published by the regulator on March 15.

The Garg family-promoted company was proposed to utilise fresh issue proceeds for expansion of its existing manufacturing facility at Khasra, and setting up new manufacturing facility at Hingna in Nagpur. The remaining fresh issue money was proposed to be used for working capital requirements and general corporate purposes.

Also read: Popular Vehicles makes a weak debut: Should you buy, sell or hold?

Unistone Capital is the sole book running lead manager to the issue.

Meanwhile, the SEBI, in the same processing status paper, said Rays Power Infra has withdrawn its DRHP on March 13.

The Gurugram-based company that provides turnkey solar engineering, procurement and construction (EPC) services in renewable energy segment has filed draft papers on December 29, 2023. Its IPO was a mix of fresh issue of Rs 300 crore worth shares and an offer-for-sale of 29.95 lakh equity shares by promoters.

Also read: Rekha Rakesh Jhunjhunwala-backed Baazar Style Retail files draft IPO papers

Anand Rathi Advisors and Unistone Capital were the merchant bankers to the issue.