Corporate News Details
The initial public offer (IPO) of Astec LifeSciences got fully subscribed today i.e. on the final day of issue. The issue received total bids more than 87.61 lakh shares, about 1.17 times more than 75 lakh equities on offer, as per the latest data available with the National Stock Exchange (NSE).
The issue is of 7.5 million equity shares of Rs 10 each for cash at a price to be decided by 100% book building process. The issue constitutes 44.30% of the fully diluted post issue paid-up capital of the company.
Almondz Global Securities, IDBI Capital Market Services and Bigshare Services (P) are helping the company in the fund raising process.
The equity shares are proposed to be listed on the Bombay Stock Exchange as well as National Stock Exchange of India.
The price range of the offer is Rs 77 and Rs 82 a piece. This issue is being made through a 100 per cent book building process.
The company expects to collect Rs 61.50 crore through its IPO that opened on October 29, 2008.
Astec LifeSciences intends to utilize the IPO proceed for funding its expansion plans as well as to register two products in Brazil and six products in India.
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