- SEBI Directive: C2C Advanced Systems must appoint independent auditors and submit a financial audit report.
- IPO Performance: The IPO was oversubscribed by 108.02 times.
- Withdrawal Option: IPO investors, including anchor investors, can withdraw bids by November 28, 3:00 PM.
- Monitoring Agency: NSE to set up an agency to monitor fund utilization.
- Funding Plan: C2C Advanced Systems aimed to raise ₹99.1 crore by offering shares at ₹226 each.
C2C Advanced Systems Ltd., a defence electronics solutions provider, has postponed the listing of its equity shares scheduled for November 29. The move follows the Securities and Exchange Board of India (SEBI) order mandating the company to appoint independent auditors and submit a financial audit report.
The company informed the National Stock Exchange (NSE) on Monday that it has appointed the required auditor, and the report is expected within two to three days. This decision comes after the company’s initial public offering (IPO) garnered significant attention, receiving bids 108.02 times the shares offered.
In light of SEBI’s directive, the company has allowed IPO investors, including anchor investors, to withdraw their bids. No new subscriptions will be entertained. Investors can withdraw their applications by November 28, 3:00 PM. The National Stock Exchange will also establish a monitoring agency to oversee the utilization of funds post-listing.
C2C Advanced Systems initially planned to raise ₹99.1 crore by selling 43.8 lakh shares at ₹226 per share.
Get a detailed understanding of C2C Advanced Systems IPO – Subscription Dates, Price Band, and Key Details
Withdrawal Process for IPO Applications
The company has outlined the following steps for withdrawing IPO applications:
| Step | Action |
|---|---|
| 1 | Approach the designated intermediary to request withdrawal of the application/bid. |
| 2 | Obtain acknowledgment from the intermediary for the withdrawal request. |
| 3 | Upon receiving the request, the intermediary will cancel the bid on the NSE portal. |
| 4 | The intermediary will provide an acknowledgment (TRS slip) from NSE for the withdrawal. |
For online applications, investors are advised to contact customer care or their service providers’ helpline numbers.
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