SEBI relaxation helps over-subscription of RPP Infra IPO

The Securities and Exchange Board of India's decision to increase retail investor limit in IPOs and FPOs to Rs two lakh from earlier Rs one lakh had a positive impact on the ongoing RPP Infra Projects Ltd IPO.

Updated on: Nov 20, 2010, 19:55:37 IST

PTI | By HT Correspondent, Mumbai

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The Securities and Exchange Board of India's (SEBI) decision to increase retail investor limit in IPOs and FPOs to Rs two lakh from earlier Rs one lakh had a positive impact on the ongoing RPP Infra Projects Ltd IPO.

RPP Infra Projects Ltd has become the first beneficiary of this SEBI relaxation and the retail segment of its IPO, which has already been over-subscribed with bids totalling 22.81 lakh equity shares so far against 21.25 lakh equity shares allocated for this segment, the company said quoting NSE India's website.

The total 65 lakh equity share IPO by the company in the price band of Rs 68 to Rs 75 closes on November 22.

The company proposes to deploy the net proceeds of the issue for investment in SPVs for BOT projects, investment in capital equipment, funding margin requirement for working capital and meeting general corporate expenses.

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