Lavasa has received clearance from the markets regulator for the IPO, but the share sale will be delayed.
New Delhi: Hindustan Construction Co's(HCNS.BO) township developer Lavasa Corp will have to delay its initial public offering of up to $ 436 million as environmental clearances for a project is held up, the head of its parent said on Monday.
Lavasa has received clearance from the markets regulator for the IPO, but the share sale will be delayed after India's environment ministry last month sought clarification on whether the unit has violated environmental regulations.
"At the moment we are still sorting out the issue. The matter is in court," HCC Chairman Ajit Gulabchand told reporters.
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