S H Kelkar IPO oversubscribed on second day

Fragrance maker SH Kelkar & Company's Rs 500-crore initial public offer has been oversubscribed on the second day of offer today.
The IPO saw an overall subscription of 1.15 times till 1600 hrs, sources said.
The price band has been fixed at Rs 173-180 per equity share for the IPO. The company's public issue will close tomorrow.
Of the total, the company will raise Rs 210 crore by issuing fresh shares, while the US-based private equity giant Blackstone will mobilise Rs 290 crore by offloading its 10 per cent stake in the company. In 2010, Blackstone had bought a 33 per cent stake in the company for Rs 243 crore.

SH Kelkar & Company has raised Rs 150 crore from anchor investors.
The IPO is being managed by JM Financial and Kotak Mahindra Capital Company. The scrip is proposed to be listed on BSE and NSE.
The company proposes to use the issue proceeds for repayment of loans as well as investment in its subsidiary K V Arochem Private Ltd and for other general corporate purposes.