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Lavasa IPO may face delay: HCC chairman

Lavasa IPO may face delay: HCC chairman
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First Published: Mon, Dec 06 2010. 04 21 PM IST
Updated: Mon, Dec 06 2010. 04 21 PM IST
New Delhi: Hindustan Construction Co’s township developer Lavasa Corp will have to delay its initial public offering of up to $436 million as environmental clearances for a project is held up, the head of its parent said on Monday.
Lavasa has received clearance from the markets regulator for the IPO, but the share sale will be delayed after environment ministry last month sought clarification on whether the unit has violated environmental regulations.
“At the moment we are still sorting out the issue. The matter is in court,” HCC chairman Ajit Gulabchand told reporters.
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First Published: Mon, Dec 06 2010. 04 21 PM IST