Latest News | Sebi Returns IPO Papers of Diffusion Engineers; Rays Power Withdraws DRHP for Public Offer

New Delhi, Mar 19 (PTI) Capital markets regulator Sebi has returned the draft red herring prospectus of engineering solutions provider Diffusion Engineers.

Meanwhile, Rays Power Infra has withdrawn its draft red herring prospectus (DRHP) filed with Sebi for raising funds through an initial public offering (IPO).

Also Read | Martyrs’ Day Dates in India: Bhagat Singh Death Anniversary, Mahatma Gandhi Punyatithi and List of Other Recognised Shaheed Diwas Dates in the Country.

According to an update on Sebi's website on Tuesday, the market regulator returned Diffusion Engineers's DRHP on March 7, without giving reasons for the same.

The proposed IPO of Diffusion Engineers is purely a fresh issue of up to 98,47,000 equity shares with a face value of Rs 10 each.

Also Read | Bihar Day 2024 Date and Significance: Know About Bihar Sthapana Diwas History and Celebrations That Take Place To Honour the Formation of the State.

The company was planning to use the IPO proceeds for the expansion of its manufacturing facility and setting up a new production facility in Maharashtra.

Proceeds will also be used towards funding working capital requirements and general corporate purposes.

Incorporated in 1982, Diffusion Engineers engaged in the business of providing engineering solutions to customers in domestic and international markets.

The Nagpur-based firm provides a wide range of products and services, including the manufacture of special welding consumables, wear plates and heavy engineering equipment, and provides customised repairs and reconditioning services for heavy machinery and equipment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)