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26 September 2016
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| Havells 1(The Total Investment & Insurance Solutions) |
In what could be termed as a misuse
of name as promoter entity by a company doing an initial public offering (IPO),
has come to the fore. Metering solutions, switchgears, lighting equipment and
wires and cables maker HPL Electric & Power Ltd has just made an IPO.
However, electrical goods maker Havells India Ltd had issued a caution notice
about usage of ‘Havells’ brand name, by HPL Electric & Power, especially as
the name of promoter companies. The Total Investment & Insurance
Solutions
Havells, in an advertisement,
clarifies that it is not associated or related with the two companies, Havell's
Pvt Ltd and Havells Electronics Pvt Ltd, which are shown as promoters of HPL
Electric & Power in the company’s IPO prospectus. "In view of the
liberty granted by the Delhi High Court to Havells India in the suite number
CS(OS) No.164 filed by Havells India against inter alia HPL Electric &
Power, we hereby clearly state that we, as 'Havells India Ltd, our promoters
and members of our promoter group are in no way connected and/or associated
with HPL Electric & Power, Havell's Pvt Ltd and Havells Electronics Pvt
Ltd, its directors, promoters and members of its promoter group," the
electrical goods maker said in the advertisement. The Total Investment
& Insurance Solutions
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| Havells (The Total Investment & Insurance Solutions) |
Havells India owns brands like
Crabtree, Sylvania, Concord, Lumiance and has 91 branches or
representative offices with over 6,500 professionals in over 50
countries.
Meanwhile, the IPO of HPL Electric
& Power was fully subscribed on Monday. As per data available on stock
exchanges, the issue received bids of about 1.06 times or 1.54 crore shares as
against issue size of 1.44 crore. The company has already garned Rs108 crore
from anchor investors by selling its shares at Rs202 per piece. The IPO is
priced between Rs175 to Rs202 and closes on Monday. HPL is now a listed
entity. Hopefully, it will follow the many onerous compliance rules and
regulations as required of listed companies.The Total Investment
& Insurance Solutions
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