Eight IPOs Get Closing Date Extension Due To Eid-e-Milad Bank Holiday In Maharashtra

The subscription process for initial public offers ending on Sept. 18 has been extended for a day due to a bank holiday in the state of Maharashtra. The date change will also affect the subscription scheduled for the public offers that opened on Sept. 16.

Maharashtra government rescheduled the public holiday for Eid-e-Milad to Sept. 18 from Sept. 16, as per Section 25 of the Negotiable Instrument Act, of 1881.

"There will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on Sept. 18, 2024. Settlement of all outstanding transactions due on Sept. 18, 2024 (Wednesday) will get postponed to the next working day, i.e., Sept. 19, 2024 (Thursday)," RBI had said in a notification on Sept. 14.

The RBI had also postponed the previously declared public holiday on Sept. 16.

Also, settlement of the auction of state government securities conducted on Sept. 17 will now take place on Sept. 19 instead of today.

IPOs opened on Sept. 13:

• Envirotech Systems Ltd.

• Deccan Transcon Leasing Ltd.

• Popular Foundations Ltd.

IPOs opened on Sept. 16:

• Western Carriers (India) Ltd.

• Northern Arc Capital Ltd.

• Arkade Developers Ltd.

• Osel Devices Ltd.

• Pelatro Ltd.

The Government of Maharashtra decided to shift the public holiday for Eid-e-Milad from Sept. 16 to Sept. 18 after discussions among Muslim community leaders. The step was taken to prevent it from coinciding with Anant Chaturdashi or Ganesh Visarjan celebrations.

Eid-e-Milad, which commemorates the birth of Prophet Muhammad, was celebrated on Sept. 16 in other parts of the country.