BS Transcomm today lowered the price band of its ongoing initial public offer (IPO) to Rs 248 to Rs 257 per share, as the IPO remained under-subscribed by the end of trade today.
Besides, the Hyderabad-based entity has also extended the closing day of the issue till October 13. The public float was scheduled to close today.
The issue period has been extended for three working days and will now close on Wednesday (October 13), JM Financial, the sole book running lead manager to the issue, informed the stock exchanges.
On October 6, the firm had launched its public issue of 76,79,410 equity shares, priced in the range of Rs 257 to Rs 266 apiece.
By the end of trade today, the IPO was subscribed 58 per cent, as per the NSE data.
At the upper end of new price band, the issue is valued worth Rs 197.36 crore while earlier it was aimed to garner Rs 204 crore.
More From This Section
The IPO proceeds will be utilised to fund the expansion plans of the company.
BS Transcomm is engaged in the manufacture and supply of telecommunication and transmission towers, sub-station structures and also provides service solutions to the telecom infrastructure and power transmission sectors.
The company supplies towers to entities such as Reliance Infratel, Wireless, TT Info Services, Indus Towers and Power Grid, among others.