Lavansa IPO can defer for 6 Months

December 1, 2010   ·   0 Comments

USD 436-million IPO by Hindustan Construction Co’s Lavasa unit is likely to be deferred by up to six months, said three sources with direct knowledge, after the environment ministry demanded reasons not to close its town building project. The environment ministry issued the notice on Friday asking Lavasa to provide reasons why the government should not raze all construction after 2006 in the project, which is building a luxury home development.

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Lavasa’s Rs 20000 crore initial public offering was expected to be launched next month. “If this issue continues, we can not go ahead with the IPO,” Hindustan Construction Chief Financial Officer Praveen Sood told Reuters.

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