Transformers & Rectifiers IPO subscribed 65.63 times

MUMBAI: The initial public offer of Transformers and Rectifiers (India) closed for subscription on Wednesday. The issue was subscribed 65.63 times, as per NSE website.

The issue got bids for 19.65 crore shares against 29.95 lakh shares on offer. At cut off price, 1.84 crore bids were received. The issue was made in the price band Rs 425- Rs 465 per share. The shares are proposed to be listed on the BSE and NSE.

The net proceeds of the issue will be utilized to finance the setting up of greenfield facility at Moraiya, near Ahmedabad, Gujarat, for transformers and to part-finance incremental working capital requirements.