Tata Steel sets FPO price at Rs 610/sh
Country's largest steel maker Tata Steel has fixed a price at higher end of price band of Rs 594-610 a share for its 5.7 crore equity shares' follow-on public offer.
January 24, 2011 / 11:40 IST
Country's largest steel maker Tata Steel has fixed a price at higher end of price band of Rs 594-610 a share for its 5.7 crore equity shares' follow-on public offer.
The company raised around Rs 3,477 crore (USD 766 million) through this issue, which was subscribed 6.03 times.Qualified institutional investors led the major support to the issue - with their reserved portion subscribed 10.41 times. Retail and non-institutional investors' reserved portion was subscribed 1.27 times and 7.21 times, respectively.Tata Steel intends to use issue proceeds for partly financing the company
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