Media conglomerate DB Corp's Rs 176 crore share sale offer has been oversubscribed by 103%, stock exchanges data showed today.
The offer for sale of 90 lakh shares of DB Corp, which publishes leading Hindi daily 'Dainik Bhaskar', received bids for 93.09 lakh shares, the data showed.
The floor price for the sale is Rs 196 apiece, which is at a discount of over 1% to the today's closing price of Rs 198.45.
Based on the minimum bidding price, sale of 93.09 lakh shares would fetch over Rs 182 crore to the company.
DB Corp publishes eight newspapers with 65 editions, 191 sub-editions in four languages (Hindi, Gujarati, English and Marathi) across 13 states in India.
DB Corp had posted a marginal growth in consolidated net profit for the quarter ended March 31, 2012, at Rs 45.4 crore as against Rs 44.99 crore in the same period last year.
The company had appointed Morgan Stanley India Company as the broker for this deal.
