Indian Stock Market

The book running lead managers of follow on public offer (FPO) of IT People (India) announced today that IT People (India) decided not to proceed with the issue, and the application money received from the applicants will be refunded.
The company decided not to follow through its current FPO, as certain key strategic investors have proposed for providing of long term equity participation in the company. This would substantially complement and strengthen the company`s long term plans and strategies.
The company received a favourable response from the QIB & HNI participants in the FPO but due to a lack of response to desired levels from the retail investors (despite the issue been completely underwritten by the BRLMs), the company has decided to withdraw the issue. The company will take the opportunity of moving ahead with the interest shown by strategic investors.
Shares of the company declined Rs 2.3, or 6.27% to settle at Rs 34.4. The total volume of shares traded was 279,737 at the BSE. (Thursday)