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Saturday, Jul 31, 2004

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TCS issue gets oversubscribed by 1.43 times on second day

Our Bureau

Mumbai , July 30

TATA Consultancy Service's initial public offering was sold out on the second day of the issue, according to data from the stock exchanges. The issue received bids for 7.96 crore shares as of 5 p.m. on Friday, implying a subscription rate of 1.43 times the number of shares on offer.

Majority of the bids were at Rs 800 and Rs 825.

"Interest of institutional buyers continued into the second day of the offer. Retail investors' bids are also picking up in numbers," said a merchant banker close to the deal.

Nearly 30,000 applications have been received so far, according to book running lead managers to the deal.

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