Gujarat State Petronet (GSPL) issue oversubscribed heavily

Gujarat State Petronet Ltd issue which closed today (January 28, 2006) was heavily oversubscribed. As per NSE data till today evening, the issue is subscribed by 48.75 times. The issue has evoked tremendous response in the last day. The issue was subscribed by 15.91 times till Friday evening.

The IPO is to raise funds for its 742 km pipeline project through 138,000,000 equity shares priced at Rs.10 each in a price band of Rs.23 to RS.27. The issue is through 100 percent book building route. 50 percent has been reserved for qualified institution bidders. Of this five percent has been reserved for Mutual Funds. Of the rest not less then 15% has been reserved for retail investors.

Source : Equity Bulls

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