The follow-on public offer of the world's seventh largest steel company Tata Steel, which closed today, has subscribed 5.9 times so far, reports CNBC-TV18.
Qualified institutional investors led the major support to the issue - with their reserved portion subscribed 10.41 times. Retail and non-institutional investors' reserved portion was subscribed 1.27 times and 7.21 times, respectively.
Tata Steel FPO subscribed 6 times
The issue received bids for 29.07 crore equity shares as against issue size of 4.87 crore shares (excluding anchor investors' portion).
The company aims to raise Rs 3,385.8-3,477 crore through the 5.7 crore shares' issue at price band of Rs 594-610 a share.
Tata Steel intends to use issue proceeds for partly financing the company’s share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis.
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