Realty firm Puravankara Projects' offer to sell 2.37 crore shares to institutional investors was today oversubscribed 1.5 times, helping the company raise around Rs 201 crore.
The Bangalore-based firm today launched Institutional Placement Programme (IPP) to meet the SEBI's norm of minimum 25% public shareholding in the private sector listed companies by June.
Promoters have 89.96% stake in the company as on March 31.
As per data available with the BSE, Puravankara's IPP was over-subscribed 1.5 times with the company receiving bids of 3,54,01,390 equity shares.
Through IPP, the company offered 2,15,68,501 shares of face value of Rs 5 each at a price band of Rs 80-85 per share.
It has an option to allot an additional up to 21,56,850 equity shares in case of over-subscription, taking the total offer size to 2,37,25,351 shares.
Share price of the company fell by 4.58% to close at Rs 84.45 apiece on BSE.
Puravankara Projects posted a net profit of Rs 112.28 crore over a turnover of Rs 815.26 crore during the 2012-13 fiscal.
