BEML public offer fully subscribed
The public issue of defence PSU BEML received bids for 49.42 lakh shares for 49 lakh equity shares on offer.
By PTI |
MUMBAI: The follow-on public offer of defence public sector undertaking BEML, expected to raise up to Rs 534 crore, got fully subscribed on its first day on Wednesday.
The issue received bids for 49.42 lakh shares for 49 lakh equity shares on offer, latest data available on the stock exchanges show.
The price band of the offer has been fixed between Rs 1,020-1,090. The issue would close on July 3.
The proceeds of the FPO would be used to part-finance the company's Rs 900 crore capex programme over a period of three years.
The investment in the company was needed to fuel its growth plan and would also help it to achieve the Rs 5,000 crore revenue target by 2013-14.
BEML had earlier said it would invest Rs 304.5 crore of the issue proceeds for upgradation of its Metro coach manufacturing plant in Bangalore, besides setting up a 5 MW wind mill for captive consumption at Rs 27 crore.
The company also plans to invest Rs nine crore toward development of a research centre for metro coaches and a Voluntary Retirement Scheme for employees.
The issue received bids for 49.42 lakh shares for 49 lakh equity shares on offer, latest data available on the stock exchanges show.
The price band of the offer has been fixed between Rs 1,020-1,090. The issue would close on July 3.
The proceeds of the FPO would be used to part-finance the company's Rs 900 crore capex programme over a period of three years.
The investment in the company was needed to fuel its growth plan and would also help it to achieve the Rs 5,000 crore revenue target by 2013-14.
BEML had earlier said it would invest Rs 304.5 crore of the issue proceeds for upgradation of its Metro coach manufacturing plant in Bangalore, besides setting up a 5 MW wind mill for captive consumption at Rs 27 crore.
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The company also plans to invest Rs nine crore toward development of a research centre for metro coaches and a Voluntary Retirement Scheme for employees.
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