Suryachakra not electrifying enough; subscribed 2.18 times

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Even though the Suryachakra Power Corporation has subscribed fully with the support from foreign institutional investors but not received an electrifying response. A 340 lakh shares issue received bids for 742 lakh shares, which includes bids for 323 lakh shares at cut off price.

The issue was subscribed 2.18 times, as per NSE website.

Subscription Details

Investors	Times
Qualified institutional buyers	1.88
Non institutional investors	1.33
Retail individual investors	3.02
Employee Reservation	0.99
Total	2.18

 

 

 

 

The initial public offering, IPO of Suryachakra Power closed for subscription, which decided through 100% book building process. The price band for the issue is between Rs 17 and Rs 20 per equity share.

Out of total 340 lakh shares issue, 4 lakh shares are reserved for eligible employees, so net issue to the public would constitute 336 lakh equity shares of Rs 10 each.

The issue would constitute 44.37% of the fully diluted post issue paid-up capital of the company. The net issue to the public would constitute 43.85% of the fully diluted post issue paid up capital of the company.

The equity shares are proposed to be listed on the BSE.

The proceeds from the issue will be used for setting-up 2 bio-mass power plant for its Subsidary (Parbhani), to meet working capital requirement for power Trading and additional working Capital for its operations and some for its general corporate purposes.

SREI Capital markets is the book running lead manager and Karvy Computershare Private Ltd is the registrar for the issue.