C2C Advanced Systems on Monday announced the postponement of its shares listing following a directive from regulators. The National Stock Exchange and Securities and Exchange Board of India have ordered the company to appoint independent auditors and obtain an independent report of its financial accounts. In a notice to the NSE, the company confirmed it had appointed the auditor, and the report is expected in two to three days.
The Bengaluru-based C2C Advanced Systems, a provider of defence electronics solutions, plans to raise ₹99.1 crore through a public issue of 43.8 lakh shares. It has fixed the price band at ₹214-226 per share. The IPO has already been a grand success, with the issue subscribed 106 times on the first day itself. The issue is set to close today for public subscription.
Market regulator SEBI has asked the company to take three actions: appoint independent auditors and obtain a report on its financial accounts (the company has already appointed the auditor, and the report is expected in 2-3 days); give investors (including anchors) subscribing to the IPO the option to withdraw their applications before share allocation, with no new subscriptions allowed; and the NSE will set up a monitoring agency to track the usage of funds after listing.
The IPO listing will be postponed until the independent auditor submits the report to NSE/SEBI.
“We refer to the directions received from National Stock Exchange of India Limited (“NSE”), vide letter no. NSE/LIST/3837E dated November 25, 2024. Accordingly, the issuer company is giving an option to withdraw the application from this IPO. Please contact your broker/ASBA banker through whom the bid was placed. This email is to be read along with the Red Herring Prospectus dated November 11, 2024, corrigendum dated November 20, 2024, and November 24, 2024,” C&C said in a statement.
According to C2C Advanced Systems’ notice, investors who have applied for the IPO can withdraw their application by following these steps:
Step 1: Investor to approach the designated intermediary for withdrawal of their application/bid.
Step 2: Designated intermediary to acknowledge the request received from the investors.
Step 3: Designated intermediary, based on the request received, to cancel the bid on the NSE portal.
Step 4: Designated intermediary to receive the acknowledgement (TRS slip) received from NSE, as required. For online applications, the investor can contact customer care or helpline numbers of respective service providers.
At the end of Day 2, the IPO received bids for 31.10 crore shares against 29.14 lakh shares on offer. Retail investors were more pumped up, with 3.81 lakh individual investors bidding for 22.91 crore shares.
