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Saturday, Apr 24, 2004

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MFs major bidders for NDTV IPO

Our Bureau

Mumbai , April 23

THE initial public offer of New Delhi Television Ltd (NDTV) has been oversubscribed 4.8 times at the end of day three.

Most bids have been placed by mutual funds, with financial institutions at a distant second. Mutual funds have applied for 6.8 crore shares; and individuals

for over 75 lakh shares.

The issue remains open till April 28. The 100 per cent book building issue has specified a price band of Rs 63-Rs 70, with the face value being Rs. 4.

``The majority of the bids have been received at Rs 70, the upper end of the band. The high participation from domestic mutual funds was expected by us,'' said Mr Sameer Manchanda, Director, NDTV.

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