Indiabulls Power IPO oversubscribed nearly four times in an hr | business | Hindustan Times
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Indiabulls Power IPO oversubscribed nearly four times in an hr

The initial public offering of Indiabulls Power on Monday got subscribed nearly four times in just an hour of opening of subscription.

business Updated: Oct 12, 2009 12:45 IST

The initial public offering of Indiabulls Power on Monday got subscribed nearly four times in just an hour of opening of subscription.

Indiabulls Power, which expects to garner as much as Rs 1,700 crore through its public offer, received bids for 102.90 crore shares as against 27.87 crore shares on offer.

The issue of Indiabulls power, whose shareholders include billionaire L N Mittal, got subscribed 3.69 times as on 11:00 am, according to the data available on the National Stock Exchange.

The company has raised over Rs 316 crore through the IPO, which attracted five anchor investors who subscribed to 18 per cent of the issue or 7,03,26,000 shares.

The five anchor investors include Halbis, Nomura, Norges, GLG and Tosca who subscribed to shares of the company at around Rs 45 per share.

The proceeds of the IPO would be utilised to part-finance the construction and development of the 1,320-MW Amravati Power Project Phase-I and the 1,335-MW Nashik Power Project apart from general corporate purposes.

Morgan Stanley India Company Pvt Ltd is the book running lead manager to the issue.