When will funds be unblocked if the IPO is not allotted?

When will funds be unblocked if the IPO is not allotted?

The funds are unblocked after the allotment of shares. However, certain banks will unblock the funds only after the mandate end date.

Example Scenario
The allotment date for GOYALSALT is 5th October. Banks unblock the funds on the refund initiation date, which is the 6th of October. If the bank has not unblocked the funds, it will be done after the mandate end date, i.e. 14th October 2023.

Note: A request should be made with the bank to release the funds if the shares are not allotted anytime after the allotment date. As the funds are only blocked and still remain in the bank account, interest will accrue as usual.



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