Indiabulls IPO gets 20 times subscribed

_{Published by: Pransha Singh}
^{Published: Thu, 15 Oct 2009 at 15:23 IST}

 

Mumbai: Indiabulls power IPO which opened on the 12 October, 2009 is now closing its subscriptttion today. The shares at a price band Rs 40-45 per equity share got two times subscribed in the very first hour of its opening.
The issue has so far, has got 20 times subscribed.

Indiabull power IPO has been receiving a staggering response from the very first day . the reserved portion got subscribed 33 times. QIB investors of Indiabull are Fidelity, Nomura, Capital International, Goldman Sachs AMC, Mirae AMC, Reliance MF, SBI, IDFC, LIC MF, HSBC, Halbis, Birla MF and ICICI Pru Life Insurance.Till October 14, non-institutional investors' reserved portion got subscribed nearly 3 times and retail 0.5 times.

The equity shares offered for subscriptttion are 150 and multiples of the same thereafter.

Morgan Stanley India Company Pvt Ltd is the book running lead manager and Karvy Computershare Pvt Ltd is the registrar to the issue.

The company has plans to use the proceeds harvested from the IPO to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the company's wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.
Apart from the five projects that the company has under construction, it is also working on four medium sized hydro-power projects of 60 MW, 30 MW, 46 MW and 31 MW in Arunachal Pradesh.