Home > Business > PTI > Report

IPCL public offer oversubscribed

February 20, 2004 21:23 IST

The sale of government's residual equity in IPCL through public offer received an overwhelming response on the very first day, with bids put in for 6.5 crore (65 million) shares, higher than the 5.94 crore (59.4 million) shares available for subscription.

At the end of the day, the investors placed bids for 6.5 crore shares predominantly at Rs 170 per share, the floor price fixed for the issue, investment banking sources said in Mumbai.

The maximum number of bids came from high quality institutional investors while retail investors have just begun to trickle in, they said.

The retail investors' response was expected to grow in coming days and bids would be around Rs 170 per share, they added.

The issue would remain open till February 27 after which the government would finalise the offer price.

Article Tools
Email this article
Print this article
Write us a letter




People Who Read This Also Read


BPO: Job loss fear misplaced

GAIL to raise ECBs of $100 mn








© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.











Copyright © 2004 rediff.com India Limited. All Rights Reserved.