NEW DELHI: Securities and Exchange Board of India (SEBI) has put has put on hold its approval for the proposed initial public offers of Aditya Birla Sun Life Asset Management Company, and GoFirst (erstwhile GoAirlines) without citing any reason.

However, the market regulator did not clarify further. The asset management company had filed preliminary papers with Sebi in April to raise funds through an initial public offer (IPO). Going by the draft papers, the proposed IPO is entirely an offer for sale, wherein two promoters-- Aditya Birla Capital and Sun Life (India) AMC Investments-- will divest their stake in the asset management firm.

The proposed IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' offer documents.

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