Nandan Terry, part of the Chiripal group, has decided to withdraw its Rs 255-crore initial public offering (IPO).

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The IPO was slated to be entirely a fresh issue of equity shares. Proceeds of the issue were to be used for payment of debt, for funding working capital requirements and general corporate proposals.

The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on December 10, 2021 with the Securities and Exchange Board of India (Sebi).

However, the draft offer documents for the IPO were withdrawn on June 7 and the reasons for the withdrawal have not been disclosed, an update with the markets regulator showed on Monday.

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Incorporated in 2015, Ahmedabad-based Nandan Terry is a fully vertically integrated company engaged in the manufacturing terry towels and towelling products. The company also sells the cotton yarn manufactured at its units.

Earlier, Uma Converter withdrew its proposed Rs 36-crore IPO on May 30. The company had filed the DRHP in July last year.

The net proceeds of the issue were to be used for upgrading its manufacturing facility situated at Timba, Gujarat and repayment of unsecured loans.