The Hindu Business Line : Gammon Infrastructure's IPO banned for 1 year

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Mumbai Feb. 6 The Securities and Exchange Board of India has banned the initial public offering of Gammon Infrastructure Projects Ltd (GIPL), a subsidiary of Gammon India, for one year.

SEBI has advised the merchant bankers of GIPL that the company cannot enter the capital market for one year from its order dated December 21, 2006, the company told the BSE .

Gammon India has filed an appeal against the SEBI order with the Securities and Appellate Tribunal (SAT) on February 5.

In December, SEBI had barred the Gammon India Managing Director, Mr Abhijit Rajan and two other entities, from any transaction in the shares of GIPL for three years from the date of allotment of GIPL's public issue.

The share price of Gammon India fell 5.44 per cent to close at Rs 389.70 on the BSE.

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