Coaching services provider MT Educare (known as Mahesh Tutorials) has fixed the issue price for its Rs 99 crore IPO at higher end of price band of Rs 74-80 a share, as per advertisement in The Financial Express.
The company raised Rs 35 crore via fresh issue of 43.75 lakh equity shares and Rs 64 crore via offer for sale of 80 lakh shares by Helix Investments Company.
MT Educare had come out with a public issue, which oversubscribed 4.8 times, during March 27-29, 2012. The reserved portion of qualified institutional buyers and non-institutional investors was subscribed six times and eight times, respectively. Retail investors' reserved portion was subscribed 2.17 times.
Out of Rs 99 crore, the company had received commitment for Rs 12.86 crore from anchor investors.
Mahesh Tutorials proposed to use funds (Rs 35 crore) for partially financing the cost of construction of a PUC campus in Karnataka (including cost of acquisition of land) and establishing new coaching centres at 20 locations.
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