Jaiprakash Power's share sale oversubscribed 112%
The floor price for the sale is Rs 33.50 apiece, which is at a discount of over 3% to today's closing price of Rs 34.80
Jaiprakash Power Ventures' Rs 97-crore share sale offer has been oversubscribed by 112%, stock exchanges data showed today.
The offer for sale of 2.9 crore shares of Jaiprakash Power Ventures received bids for 3.26 crore shares till 1530 hrs.
The floor price for the sale is Rs 33.50 apiece, which is at a discount of over 3% to today's closing price of Rs 34.80.
Based on the minimum bidding price, the sale of 3.26 crore shares would fetch at least Rs 109.5 crore.
Jaypee Infra Ventures currently owns 21.46 crore shares, or 8.18%, in Jaiprakash Power Ventures, while total promoter holding is 76.11%.
The company had appointed Goldman Sachs India Securities Pvt Ltd as the broker for this deal.
The offer for sale was carried out through a separate window on the stock exchanges.