C2C Advanced Systems Postpones Listing, Gives IPO Investors Option To Cancel Bid

C2C Advanced Systems Ltd. postponed on Monday the listing of its equity shares after the Securities and Exchange Board of India ordered it to appoint independent auditors and get an independent report of financial accounts.

In a notice to the NSE, the company said it had already appointed the auditor and the report will come in two-three days,

The development comes after the initial public offering of the SME company attracted bids 108.02 times the offer. The shares were set to get listed on Nov. 29.

C2C Advanced Systems has provided IPO investors, including from the anchor portion, the option to withdraw their bids for shares before the allocation can happen. It will not issue any new subscription.

The last day for withdrawal of application or bids is Nov. 28 before 3 p.m.

"The National Stock Exchange will have a monitoring agency set up on usage of funds post listing. The IPO listing will be postponed till an independent auditor submits a report to NSE/SEBI," the notice said.

New Delhi-based C2C Advanced Systems, a provider of defence electronics solutions, had planned to raise Rs 99.1 crore through an public issue of 43.8 lakh shares at a share price of Rs 226 per share.

As per C2C Advanced Systems' notice, investors who have applied for the IPO can get their application withdrawn by following these steps:

• Step 1: Investor to approach the designated intermediary for withdrawal of its application/bid.

• Step 2: Designated intermediary to acknowledge the request received from the investors.

• Step 3: Designated intermediary based on the request received to cancel the bid on the NSE portal.

• Step 4: Designated intermediary to receive the acknowledgement (TRS slip) received from NSE, as required.

For online applications, the investor can contact customer care or helpline numbers of respective service providers.