GAIL piggybacks on oversubscription

DALAL STREET SPIKES

GAIL India continued to attract aggressive buying with the offer for sale getting subscribed more than nine times. During the last two trading sessions, the stock has appreciated over 9 per cent or Rs 20.

On Tuesday, the stock closed at Rs 235.10, up 2.15 per cent from its previous close with volumes accounting for more than 79.37 lakh shares on the Bombay Stock Exchange (BSE). From Rs 207.85 on 4 March 2004, GAIL has risen 12.9 per cent in three days to today's close of Rs 235.10.

As per market sources, the qualified institutional buyers'(QIBs) segment was oversubscribed 12 times, the retail segment was oversubscribed 2 times and the high networth individual (HNI) segment got oversubscribed 2.8 times.