Modern Shares & Stockbrokers reports standalone net profit of Rs 0.02 crore in the June 2017 quarter
Receives bids for 17.90 lakh shares
The initial public offer (IPO) of Indian Energy Exchange received bids for 17.90 lakh shares on the second day of the bidding for the IPO today, 10 October 2017, data on NSE showed as at 17:00 IST. The IPO was subscribed 0.42 times. The price band of the IPO has been fixed at Rs 1,645 to Rs 1,650 per share. The IPO opened for subscription yesterday, 9 October 2017. The issue closes tomorrow, 11 October 2017.
Ahead of the opening of the IPO, the IPO committee of the board of directors of the company at its meeting held on 6 October 2017, finalized allocation of 18.19 lakh equity shares to 23 anchor investors at Rs 1,650 per share. Anchor investors include SBI Mutal Fund (MF), Birla Sunlife MF, JPMorgan India Smaller Companies Fund, SmallCap World Fund, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura among other anchor investors.
The offer comprises of offer for sale of 60.65 lakh shares by selling shareholders. The selling shareholders comprises institutional investors such as Aditya Birla Private Equity fund, AF Holdings, Golden Oak (Mauritius), Lightspeed Venture Partners, Madison India Opportunity fund, Multipes Private Equity fund apart from Tata Power company and individual investors namely Jayant Deo and Kiran Vyapar.
The company's net profit rose 13.19% to Rs 113.57 crore on 18.63% rise in total income to Rs 237.42 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.
Indian Energy Exchange is a professionally managed company and is the largest exchange for trading of range of electricity contracts in India in terms of traded contract volumes in FY 17, according to Central Electricity Regulatory Commission (CERC).
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