June 17, 2019 / 11:08 AM / a month ago

Singapore's Sembcorp defers India energy IPO to inject capital

SINGAPORE (Reuters) - Singaporean industrial conglomerate Sembcorp Industries Ltd said it has withdrawn a draft prospectus for listing its Indian energy arm, as it was injecting new equity into the business, and intended to submit papers later this year.

Sembcorp plans to subscribe to additional shares in Sembcorp Energy India Ltd (SEIL) through its wholly-owned subsidiary Sembcorp Utilities, and inject new equity to support the growth of its India renewable energy business, it said on Monday.

SEIL intends to refile a revised prospectus at an appropriate time this year, taking into consideration market conditions, it said.

It had filed the prospectus in early 2018.

Sembcorp Industries shares ended 0.8 percent lower on Monday ahead of the announcement, while the broader market closed 0.5 percent down.

Reporting by Aradhana Aravindan; Editing by Rashmi Aich and Louise Heavens

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