Shipping Corporation of India's (SCI) follow-on public offer has subscribed over 4 times on last day, as per NSE website. The response has been seen from across categories. Qualified institutional investors (QIBs) was subscribed for 17.67 lakh equity shares against reserved portion of 4.2 crore shares i.e. 4.19 times.
Issue received applications for 11.87 crore shares as against reserved portion of 2.9crore shares in retail category, which was 4 times. Non-institutional investors' portion subscribed 3.66 times.
The issue has received bids for more than 36 crore equity shares as against issue size of 8,46,90,730 shares.
A price band was at Rs 135-140 a share. The company aims to raise over Rs 1,100 crore through the FPO. The company will not receive any proceeds from the offer for sale by governments. However, net proceeds from fresh issue will be used for part funding the equity portion for the acquisition of certain vessels by company and general corporate purposes.
SBI Capital Markets Limited, ICICI Securities Limited and IDFC Capital Limited are the book running lead managers to the issue.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENI Consultants Pvt Ltd
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