Birla Cotsyn fixes issue price at Rs 14/share

MUMBAI: Birla Cotsyn has fixed the issue price of its public offering at Rs 14 per share. The Rs 144.18-crore issue was in the price band of Rs 12-Rs 14 per share. It was subscribed 1.11 times.

Poor market sentiment during the time of the issue had forced the company to extend the closing date. The price band was also revised downward to Rs 12-Rs 14 per share from Rs 15-Rs 18 earlier. The issue, which opened on June 30, was to originally close on July 4, but it closed on July 9.

The IPO proceeds would be utilised to set up an integrated textile unit and a garment manufacturing plant at the facilities located at Khamgaon, Ghatanji and Makkapur in Maharashtra. The investment would also fund the company's foray into retail outlets.