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Vaswani Industries fixes IPO price at Rs 49/share
Vaswani Industries, a sponge iron manufacturer, has fixed the issue price for its initial public offering at higher end of price band of Rs 45-49 a share.
Vaswani Industries , a sponge iron manufacturer, has fixed the issue price for its initial public offering at higher end of price band of Rs 45-49 a share, as per the advertisement in newspaper.
Company has raised Rs 49 crore through the issue of 1 crore equity shares, which had received bids worth about Rs 200 crore - i.e. saw a subscription of 4.16 times.
Non-institutional and retail investors helped the issue, with their reserved portion being subscribed 11.29 times & 6.82 times, respectively. However, reserved portion of qualified institutional buyers was subscribed just 0.16 times.
Vaswani Industries is engaged in integrated business of manufacturing sponge iron, steel billets & ingots and power generation.
Money raised from the issue, which had opened for subscription during April 29-May 03, will be used for pre-payment of term loan (Rs 24.38 crore) and rest of the money for working capital requirements (Rs 17.47 crore).
