The follow-on public offer of the world's seventh largest steel company Tata Steel, which closed today, has subscribed 5.9 times so far, reports CNBC-TV18.
Qualified institutional investors led the major support to the issue - with their reserved portion subscribed 10.41 times. Retail and non-institutional investors' reserved portion was subscribed 1.27 times and 7.21 times, respectively
The issue received bids for 29.07 crore equity shares as against issue size of 4.87 crore shares (excluding anchor investors' portion).
The company aims to raise Rs 3,385.8-3,477 crore through the 5.7 crore shares' issue at price band of Rs 594-610 a share.
Tata Steel intends to use issue proceeds for partly financing the company’s share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis.
Source: http://www.moneycontrol.com/
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DENIP Consultants Pvt Ltd
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