Stocks

Tejas Networks public issue to open on June 14

Our Bureau Mumbai | Updated on January 12, 2018 Published on June 07, 2017

Fixes ₹250-257 a share as price band

Tejas Networks has fixed a price band of ₹250-257 an equity share for its initial public offering that will open on Wednesday, June 14. The company is offering for sale up to 1.27 crore equity shares. Bids can be made for a minimum of 55 equity shares and in multiples of 55 equity shares thereafter.

75% to QIBs

The book-running lead managers (BRLM) to the offer are Axis Capital, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) Private Limited.

The offer is being made through the book-building process, wherein 75 per cent of the offer will shall be allocated on proportionate basis to qualified institutional buyers, provided the company and the selling shareholders may, in consultation with the BRLMs, allocate up to 60 per cent of the QIB portion to anchor investors.

Of the net QIB portion, 5 per cent will be set aside available for allocation on proportionate basis to MFs only, and the remainder of the QIB portion shall be available for allocation on proportionate basis to all QIB bidders (other than anchor investors), including MFs.

“Further, not more than 15 per cent of the offer shall be available for allocation on proportionate basis to non-institutional bidders and not more than 10 per cent of the offer shall be available for allocation to retail individual bidders,” the company said in a statement.

Published on June 07, 2017
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