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Salasar Techno Engg IPO subscribed 5.07 times on second day

Capital Market 

Receives bids for 1.68 crore shares

The initial public offer (IPO) of Salasar Techno Engineering received bids for 1.68 crore on the second day of bidding, as per the data showed on NSE as at 17:00 IST. The IPO was subscribed 5.07 times. The IPO opened for bidding on 12 July 2017 and closes on 17 July 2017.

The IPO comprises fresh issue of 33.21 lakh aggregating Rs 35.87 crore. The IPO price is fixed at Rs 108 per share. The net issue will constitute 25.01% of the post issue paid up equity share capital of the company.

The company intends to utilize the proceeds from the issue towards the working capital requirement including margin money and general corporate purpose.

On a consolidated basis, Salasar Techno Engineering reported profit after tax of Rs 18.37 crore on net sales of Rs 372.96 crore in the year ended March 2017.

Salasar Techno Engineering is a leading provider of steel solutions in India with global operations spread throughout Asia and Africa.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 17:19 IST