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Tejas Networks up to $120 million IPO oversubscribed 1.9 times


(Reuters) - India's Tejas Networks Ltd's up to 7.7-billion-rupee ($120 million) initial public offer (IPO) of was oversubscribed 1.88 times on the last day of the sale on Friday, stock exchange data showed.

Investors bid for about 32.1 million in the optical and data networking products provider, compared with about 17.1 million on offer, according to data on the National Stock Exchange, as of 1320 GMT.

Tejas Networks is raising up to 4.5 billion rupees by selling new shares, while its shareholders are selling another up to 12.7 million in a price range of 250 rupees to 257 rupees apiece.

The stock is scheduled to make its trading debut on or around June 27.

Axis Capital, Citigroup, Edelweiss and Nomura were the banks on the

($1 = 64.4300 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Devidutta Tripathy and Sherry Jacob-Phillips)

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