The initial public offering (IPO) of Kolte-Patil Developers, a real estate developer in India, has got terrific respone from investors; subscribed 45 times, till 5 pm, according to data available on NSE website.
It received bids for 86 crore equity shares as against 1.9 crore shares on offer and bids for 8.7 crore shares at cut off price.
The company entered capital market with an public issue of 19,000,836 equity shares of Rs 10 each for cash at a price band between Rs 125 and Rs 145 per equity share.
The objects of the issue are to finance acquisition of development rights; finance the construction and development costs for some of the proposed projects; fund expenditure for general corporate purposes and achieve the benefits of listing on the Stock Exchange.
The issue comprises a net issue of 18,812,709 equity shares to the public and a reservation of 188,127 equity shares for eligible employees. The issue will constitute 25.25% while the net issue will constitute 25% respectively of the post-Issue paid up capital of the company. The equity shares are proposed to be listed on the NSE and BSE.
The book running lead managers to the issue are DSP Merrill Lynch Limited and Edelweiss Capital Limited.
Source: Moneycontrol.com
Thursday, November 22, 2007
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