BENGALURU, Feb 27 (Reuters) - Indian apparel retailer
Fabindia said it has withdrawn its 40 billion rupee ($482.43
million) initial public offering (IPO) due to rough market
conditions, becoming the latest company to shelve listing plans
as interest rate worries pressure stock markets.
"The decision to withdraw was taken as the current market
conditions were not seen to be conducive for listing," Fabindia
said in a statement on Monday.
Fabindia had planned the IPO with a fresh issue of shares
worth 5 billion rupees and a sale of up to 25.1 million in
existing shareholders' stock.
($1 = 82.9130 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane
Venkatraman)
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