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« Emmar-MGF Wins Bid for Commonwealth Games Village Project | Home | Banks’ Lending Rate Goes Down »

BEML IPO Subscribed 30 times, HDIL 6.6

Bharat Earth Movers Limited (BEML), a multi product manufacturer of mining and construction equipment and the Mumbai based renowned property developer Housing Development and Infrastructure Ltd (HDIL) attracted large interests from their public offerings.

Overall, the BEML issue was subscribed 30 times, whereas HDIL received bids 6.6 times than its issue size.

BEML’s follow on public offer (FPO) attracted large attention from qualified institutional buyers (QIB), it was subscribed 30.65 times, says the data shown on the National Stock Exchange at 8 p.m.

The QIB part of the issue was subscribed over 60 times, while the issue received an overwhelming response with retail portion subscribed 2.6 times.

BEML sold 4.9 million equity shares and received around 148 million bids for the total shares on offer. The price band for the issue was Rs 1,020-1,090 a share.

The issue includes 11.77 per cent of the fully diluted post-issue paid up equity capital of the company. Post issue, the government’s holding in BEML is expected to hover around 54 per cent.

The proceedings from the issue will be used for expanding the metro coach manufacturing facility in Bangalore.

The company is also considering using a part of the proceedings to establish a 5 mw windmill for captive use and an R&D centre for excellence for metro coaches. It will also reserve some part for a voluntary retirement scheme for employees.

Talking about the initial public offer (IPO) of the Mumbai based HDIL, it was subscribed 6.60 times, says the data on the website of National Stock Exchange. The issue was priced in the range of Rs 430-500 a share. The proceedings from the issue will be used to buy land and acquire its development rights, before continuing HDIL’s current projects such as slum rehabilitation project.

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