CG Power case delays Aditya Birla Sun Life's IPO by at least 3 months

Sebi has put initial offer in abeyance due to pending inquiry against group firm

Aditya Birla Sun Life Asset Management Company’s (Birla AMC) plan to go public has been delayed by at least three months because of a pending enquiry against group firm Aditya Birla Finance in the CG Power and Industrial Solutions matter, regulatory sources told Business Standard. 

Sebi had in June issued a show-cause notice to Aditya Birla Finance, seeking explanation on its financial dealings with Gautam Thapar-led CG Power, said two regulatory sources.

A week ago, a disclosure on market regulator Securities and Exchange Board of India’s (Sebi’s) website on IPO processing status showed that Birla AMC’s IPO had been kept