The initial public offer of Aishwarya Telecom has subscribed 20 times, till 5 pm, as per NSE website. It has received bids for 8 crore shares as against 40 lakh shares on offer. The price band was between Rs 32-35 per share. The issue closed for subscription.
Reservation to eligible employees is about 1,00,000 shares and hence the net issue to the public would be 39,00,000 equity shares.
Aishwarya will use these proceeds to increase its manufacturing capabilities and infrastructure, fund research projects and for general corporate purposes.
Aishwarya Telecom manufactures Test & Measurement Instruments like Mobile Tester, Fiber Optic Tester, Data Tester, Cable Fault Locator, etc and not only in the manufacture of Optic Fiber Cable. In fact, Aishwarya Telecom is one of the important players in the T&M industry, which mainly supplies its products to major telecom operators.
Its clients include BSNL, Tata Tele Services and Bharati Telenet. It also exports cable fault locators to France, Taiwan, Czech Republic and Dubai.
The company also manufactures products for telephone service providers, defence sector, railways, telecom equipment companies and cable TV operators.
SREI Capital Markets Ltd and Sobhagya Capital Options Ltd are managing the issue.
Source: Moneycontrol.com
Thursday, April 17, 2008
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