Sebi returns IPO papers of Diffusion Engineers; Rays Power withdraws DRHP for public offer

Capital markets regulator Sebi has returned the draft red herring prospectus of engineering solutions provider Diffusion Engineers.

Meanwhile, Rays Power Infra has withdrawn its draft red herring prospectus (DRHP) filed with Sebi for raising funds through an initial public offering (IPO).

According to an update on Sebi's website on Tuesday, the market regulator returned Diffusion Engineers's DRHP on March 7, without giving reasons for the same.

The proposed IPO of Diffusion Engineers is purely a fresh issue of up to 98,47,000 equity shares with a face value of Rs 10 each.

The company was planning to use the IPO proceeds for the expansion of its manufacturing facility and setting up a new production facility in Maharashtra.

Proceeds will also be used towards funding working capital requirements and general corporate purposes.

Incorporated in 1982, Diffusion Engineers engaged in the business of providing engineering solutions to customers in domestic and international markets.

The Nagpur-based firm provides a wide range of products and services, including the manufacture of special welding consumables, wear plates and heavy engineering equipment, and provides customised repairs and reconditioning services for heavy machinery and equipment.