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Thursday, January 20, 2011

Tata Steel FPO bid 0.48 times till second day

Tata Steel FPO, which is open for subscription since yesterday, has been subscribed 0.48 times times on an overall basis till Day 2 of its opening.

The response to the FPO till Day 2 has largely been averse, especially from Retail Category of Investors, the subscription in the category standing close to 20% or 0.1975 times. The QIB and HNI Categories are subscribed 0.67 times and 0.79 times respectively till the second day

Tata Steel is a part of Tata Group of companies. Tata Steel intends to use proceeds from the FPO for partly financing the company’s share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis.

Tata Steel FPO closes for subscription tomorrow, i.e. on January 21, 2011. Check back Indian IPO Blog regularly for the latest subscription status updates on the FPO!

Update: Tata Steel FPO subscribed 6 times
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