Poor markets have forced a unit of Great Eastern Shipping to quash a planned initial public offering.
Greatship (India) has already withdrawn its prospectus filed with regulators last May as the group aimed to take its offshore arm to the market.
The shock announcement came as the parent company reported a rise in third-quarter profit even as revenues declined.
It was thought that Great Eastern Shipping would look to list about 30% of Greatship as a means of partially-financing the latter's orderbook programme estimated to be valued at $400m.
Friday's
