Hindustan Construction Company (HCC) has put the proposed IPO for its ambitious Lavasa project on the backburner for the third time, citing bad market conditions in the realty sector.
The company had originally planned to hit the market with a Rs 2,000-crore IPO in September 2010, but could not proceed with the issue due to unfavourable market condition. In 2014, the company scaled down the share sale size to Rs 750 crore but again failed to complete the process.
Lavasa had initially filed its DRHP in September 2010 to raise Rs 2,000 crore, and had received the SEBI approvals in November 2010.
