Bharat Earth Movers Ltd has fixed the issue price of Rs 1,075 per share for its 49 lakh share follow-on issue. It is at a discount of Rs 149 or 12 per cent to the current market price of Rs 1,224.
BEML’s follow-on public issue, which opened for subscription on June 27 and closed Tuesday, was subscribed 30.65 times.The FPO received bids for 150,193,480 equity shares against the offer of 4,900,000 shares. The issue received bids for 6,072,645 shares at cut-off price.
Out of the issue, qualified institutional buyers’ portion received bids for 139,654,750 shares against the offer of 2,205,000 shares, resulting in a huge subscription of 63.3355 times.
The non-institutional investors’ portion received subscription of 8.47 times with bids for 5,604,055 equity shares against the offer of 661,500 shares. Retail individual investors’ portion received bids for 4,930,965 shares against the offer of 1,543,500 shares, resulting in subscription of 3.19 times.
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