NEW DELHI: Sudarshan Pharma Industries on Monday withdrew its initial public offer on the NSE's SME platform Emerge. The SME issue, which kicked off on June 12, was scheduled to be closed on Monday.
The integrated chemical and pharmaceutical company was looking to raise Rs 25.80 crore by offering 34,40,000 shares.
The decision was made due to material changes in the current business model and future expansion plans, the company said.
Sudarshan Pharma added that it will start taking necessary steps with regard to refund of the blocked application money and the same will be refunded within the stipulated timeline.
"We will issue a public notice in the newspapers in which pre-issue advertisement was published. However, due to reasons mentioned above, our management shall intend to recess the capital market in future," the company told NSE.
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