Tejas Networks rises on market debut after $119.6 million IPO

MUMBAI (Reuters) - Shares in Tejas Networks rose as much as 3.6 percent on their market debut on Tuesday after the company raised 7.7 billion rupees ($119.56 million) via an initial public offering (IPO).

Shares of the telecom equipment company were trading up 1.3 percent at 260.45 rupees, as of 0439 GMT, compared with their issue price of 257 rupees. The IPO was subscribed 1.88 times.

($1 = 64.4050 Indian rupees)

(Reporting by Swati Bhat; Editing by Sherry Jacob-Phillips)