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Published on 17/06/2019 4:49:25 PM | Source: Reuters

Sembcorp Industries withdraws draft prospectus for India energy unit listing

Posted in Industry News| #India #Industry

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SINGAPORE  - Singaporean industrial conglomerate Sembcorp Industries Ltd said it has withdrawn a draft prospectus for listing its Indian energy arm, as it was injecting new equity into the business, and intended to re-file the papers later this year.

Sembcorp plans to subscribe to additional shares in Sembcorp Energy India Ltd (SEIL) through its wholly-owned subsidiary Sembcorp Utilities, and inject new equity to support the growth of its India renewable energy business, it said in a statement on Monday.

"Under Indian regulatory requirements, this upcoming change to SEIL's capital structure necessitates the withdrawal of the draft red herring prospectus (DRHP) earlier filed by SEIL with the Securities Exchange Board of India," it added.

SEIL intends to re-file a revised DRHP at an appropriate time this year, taking into consideration market conditions, it said.

(Reporting by Aradhana Aravindan; Editing by Rashmi Aich)