SEBI denies permission for Gammon India subsidiary GIPL's IPO

Gammon India Ltd has announced that SEBI, vide its letter dated February 02, 2007, has advised the Merchant Bankers of Gammon Infrastructure Projects Ltd. (GIPL), the Company's subsidiary, that the proposed IPO of GIPL, cannot be permitted for a period of one year from the SEBI order dated December 21, 2006.

The Company on February 05, 2007 has filed an appeal with the SAT against the said order of SEBI dated December 21, 2006.

Source : Equity Bulls

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