GVK public issue over-subscribed

GVK public issue has been over-subscribed by 20 times after a good response from domestic and foreign institutional investors.

GVK Power and Infrastructure public issue has been over-subscribed by 20 times after a good response from domestic and foreign institutional investors.

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GVK, which recently won the mandate for modernising Mumbai airport, is likely to raise close to Rs 250 crore from the IPO of 8.28 million shares.

The company received over 2 lakh application in the price band of Rs 260-310 and its issue was over-subscribed by 20 times, as per data with stock exchanges.

The IPO, which opened during February 2 and closed yesterday, received heavy response from institutional investors (QIBs), high-networth individuals and retail investors.

QIBs bid over 30 times than what is allocated for them, while HNIs and retail investors bid 10 times more as per data available till February 7 evening.

GVK is raising capital from the market to part finance its 464 MW Gautumi Power plant to be commissioned by September in Andhra Pradesh.

GVK will increase its stake in GPL to 51 per cent from the present 47.47 per cent.