Tata Steel FPO gets lukewarm response on Day-1

Our Bureau Mumbai | Updated on January 20, 2011

The Tata Steel follow-on public offer, which opened on Wednesday, was subscribed 0.2 times.

The FPO received bids for 95 lakh shares against the 4.86 crore shares on offer.

The price band for the issue has been fixed at Rs 594-610 a share.

The portion reserved for qualified institutional bidders was subscribed 0.42 times. Foreign institutions bid for 66.9 lakh shares.

Anchor investors (for whom the book was open on Tuesday) subscribed to 83.25 lakh shares at Rs 610 a piece.

The anchor investors include Abu Dhabi Investment Authority, Fidelity, Nomura Mauritius, Macquarie Bank, Credit Suisse Singapore, Monetary Authority of Singapore, Government of Singapore, Morgan Stanley, Bajaj Allianz Life Insurance Company, MetLife India Insurance, Indus Capital, Reliance Life Insurance, Barclay Capital, HDFC Mutual Fund and ICICI Prudential Mutual Fund.

The high net worth individuals' portion was subscribed 0.07 times and retail investor portion by 0.04 times.

The issue will close on January 21.

Shares of Tata Steel closed up 1.19 per cent at Rs. 639.8 on the BSE on Wednesday.

Published on January 20, 2011

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