The initial public offer of BGR Energy Systems, a supplier of systems and equipment for the power, oil & gas, refinery, petrochemical and process industries, proposes, has received powerful response from investors. It got bids for 103 crore shares as against 91.36 lakh equity shares on offer.
The issue was subscribed 112.28 times, till 6 pm, according to data available on NSE website.
Qualified institutional investors have given strong support to the issue, their reserved portion subscribed 19 times followed by HNIs and retail with subscription of 3.4 times and 5.8 times respectively, till yesterday.
The price band is at Rs 425 to Rs 480 per equity share. The issue will consist of a fresh issue of 4,320.000 equity shares and an offer for sale of 4,816,000 equity shares by Mr B G Raghupathy and Ms Sasikala Raghupathy (the selling shareholders).
The net issue to the public will be 8,636,000 equity shares after allowing for reservation of up to 500,000 equity shares for eligible employees. The issue would constitute 12.69% and the net issue will constitute 11.99% of the fully diluted post issue paid-up capital of the company.
SBI Capital Markets Ltd, Kotak Mahindra Capital Company Ltd, UBS Securities India Private Ltd and CLSA India Ltd are the book running lead managers for the Issue.
The company proposes to utilize the net proceeds of the issue to augment long term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East and fund expenditure for general corporate purposes.
The Company proposes to list the equities on the NSE and the BSE.
Source: Moneycontrol.com
Wednesday, December 12, 2007
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