Cairn India IPO fully subscribed

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Cairn India IPO, which is open for subscription with a public issue of 32,87,99,675 equity shares of Rs 10 each, has been fully subscribed. The price band was fixed at Rs 160-190 per share.

The issue has been oversubscribed 1.31 times, as per NSE website.

Total bids received were more than 43 crore shares against its issue size.

From the funds raised through the issue, Cairn India plans to pay Cairn Energy PLC for acquiring shares of Cairn India Holdings; fund development in the Rajasthan Block as also additional drilling in Ravva and Cambay fields plus finance new exploration and appraisal activities from additional exploration contracts that may be awarded in NELP Round VI.

The initial public offering of Tanla Solutions, a provider of integrated telecom solutions and products, received over one crore bids against issue size of 1.58 crore equity shares of Rs 2 each in the price band of Rs 230 to Rs 265. The issue closes on December 14, 2006. Issue subscribed 0.70 times.

The company proposes to raise this fund to part finance its expansion plan. The plan includes setting up of infrastructure facility for Development Center at Hyderabad at an estimated cost of Rs 772.65 million, setting up of infrastructure facilities for a backup/ disaster recovery center at Bangalore with an estimated cost of Rs 127.87 million, expansion and upgradation of existing research and product development facilities at an estimated cost of Rs  220.25 million, establishing overseas marketing offices with an investment of Rs 40.60 million, for meeting working capital requirements and contingencies, Rs 389.59 million and the remaining funds for regional and global expansion and for acquisition and investment in strategic business.

Chennai-based Pyramid Saimira, the theatre chain, is open for subscription with an initial public offering of 84.44 lakh shares. The price band was at Rs 88-100 per equity share of Rs 10 each. Total bids received were 10500 shares against its issue size.