The public issue of GAIL Ltd, which closed today, was oversubscribed by more than eight times. According to merchant banking sources, the issue receive bids for more than 67.60 crore shares as against the issue size of 8.45 crore shares. |
The sources added that the participation of retail investors was very strong. More than 3.00 lakh applications were received from the retail lot. Interestingly, most of the bids today were at Rs 195 compared with the floor price of Rs 185. |
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S Mukherji, managing director and chief executive officer of ICICI Securities, said, "We are delighted by the response to the issue. Overall, it was a great pleasure to work with the divestment ministry." ICICI Securities were the lead book-runner for the issue. |
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According to the information available on the website of the National Stock Exchange, the issue drew some odd bids, the highest being at Rs 600 per share. |
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As on March 4, 2004, foreign institutional investors applied for for 23.24 crore shares, while mutual funds and individual investors applied for 3.80 crore and 7.40 crore shares, respectively. |
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Meanwhile, on the secondary market, the GAIL share was very active. The share gained by 3.30 per cent to close at Rs 214.40 compared with Rs 207.85 on the previous day. More than 31 lakh shares changed hands on the Bombay Stock Exchange. |
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