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Swajas Air IPO subscribed 1.4 times after price band cut
The Rs 37.5-crore initial public offering of Swajas Air Charters, an air charter services provider, has received good response from investors after reducing price band to Rs 84-90 from Rs 90-100 a share.
The Rs 37.5-crore initial public offering of Swajas Air Charters , an air charter services provider, has received good response from investors after reducing price band to Rs 84-90 from Rs 90-100 a share.
The issue has subscribed 1.43 times (as per data available on NSE website), with receiving bids for more than 63.6 lakh equity shares as against approximate issue size of 44.6 lakh shares.
The company had also extended the closing date to October 5 from September 28, 2011.
It is a Chennai-based non-scheduled airline operator servicing a fleet of fixed-wing aircraft and helicopters across India.
Company intends to use issue proceeds for the fleet expansion; setting up of MRO/Hangar facility; purchase of office building / space; and working capital requirements.
