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R.Y. Narayanan

Coimbatore , May 23

The follow-on public issue of Gangotri Textiles Ltd (GTL) seems to have weathered the market turbulence and sailed through with the issue being subscribed fully. The issue closed for subscription today.

The company had come out with the issue to raise Rs 55 crore to part-fund its expansion plans and the shares were offered in the price band of Rs 41-46.

Speaking to Business Line from Mumbai, Mr Manoj Kumar Tibrewal, Managing Director of GTL, said that the issue had just sailed through and there was no question of it devolving.

He put the number of times of subscription as a little over one time. He added that he was not in a position to give immediately the details of the percentage of subscription under various categories as they were still being collected.

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