The Securities and Exchange Board of India has requested that phone manufacturer Lava International Ltd submit a revised version of its draft red herring prospectus.
On September 28, Lava International submitted the necessary paperwork to issue 43.7 million additional shares as an offer-for-sale in order to generate up to 5 billion rupees through a new share issuance.
A corporate spokesman declined to comment on the necessary revisions and the deadline for resubmitting the paperwork.
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