Pyramid Retail to issue shares at Rs 120 each

Pyramid Retail has fixed the issue price of its IPO at the lower end of price band, at Rs 120 per share. Thus, the company will mop up Rs 108 crore from the offer.

The company had offered a share of face value of Rs 10 in the price band of Rs 120-140. The issue was oversubscribed by 11.62 times.

Pyramid Retail intends to deploy the proceeds from the issue, comprising 90 lakh shares to fund capex requirements, upgrade of its infrastructure and repayment of loans, the company said in a official statement.