The company has withdrawn its Draft Red Herring Prospectus (DRHP) filed with market watchdog Sebi for a public listing, a Fabindia spokesperson said
The apparel makers used the phrase ‘Jashn-e-Riwaaz’ to describe their new collection on the microblogging platform, Twitter. The post had the image of men and women all wearing red-coloured ethnic clothes.
On Saturday, the company filed the Draft Red Herring Prospectus (DRHP) with markets watchdog SEBI for the offer that will include a fresh issue of shares worth up to Rs 500 crore.
A Fab India spokesman, however, dubbed the KVIC claim as "baseless",
Fabindia’s shareholders gave a nod to the IPO proposal on Saturday. The company is planning to raise Rs 250 crore in fresh funding in order to expand its footprints.