Wednesday, November 07, 2007

Mundra Port IPO subscribed 115 times

Mundra Port and Special Economic Zone, India's largest non-government cargo terminal, has received overwhelming response for its IPO, subscribed 114.69 times till 5 pm, as per data available on NSE website.

The issue received bids for 4.61 billion shares against 40.25 million shares on offer and bids for 14.36 crore shares at cut off price.

Qualified institutional investors has given strong support to the issue. The reserved portion of QIBs subscribed 155.51x followed by HNIs 132.07x and Retail 10.90x, till 4 pm.

Mundra, which aims to set up cargo and coal terminals and develop a trade zone from the proceeds, is tapping an economy forecast to grow about 8.5 percent in the year to March 31. India's gross domestic product grew an average 8.6 percent over the past four years.

The Adani Group, founder of Mundra Port, has interests in commodities trading, coal mining, power generation, real estate development and agriculture processing.

Source : moneycontrol.com

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