Nischal Finance Ltd. floated IPO for 10 crore equity shares. Due to impending war like situation. Secondary market started falling due to weak market sentiment. As a result IPO was subscribed only to the extent of 80% on
CS Professional · Corporate Funding & Listings in Stock Exchanges · PYQS · December 2023
Nischal Finance Ltd. floated IPO for 10 crore equity shares. Due to impending war like situation. Secondary market started falling due to weak market sentiment. As a result IPO was subscribed only to the extent of 80% on the closure date (i.e. 20/06/2023). The Company has refunded the application money on 28.06.2023. Based on the SEBI regulation, is company action of refunding application money is justifiable ?
Topics: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
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