Bharat Earth Movers Limited (BEML) FPO receives 30.65 times subscription

The follow-on public issue of Bharat Earth Movers Limited (BEML) has received overwhelming response from investors with the issue receiving subscription of 30.65 times. The follow-on issue which opened for subscription on June 27, 2007 closed on Tuesday - July 03, 2007.

The company issued 49,00,000 Equity Shares of Rs.10 each at a price band of Rs.1020/- to Rs.1090/-

The FPO received bids for 150193480 equity shares against the offer of 4900000 shares. The issue also received bids for 6072645 shares at Cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 139654750 shares against the offer of 2205000 shares resulting in a huge subscription of 63.3355 times.

The Non Institutional Investors portion of the issue received subscription of 8.4717 times with bids for 5604055 equity shares against the offer of 661500 shares. The Retail Individual Investors (RIIs) portion received bids for 4930965 shares against the offer of 1543500 shares resulting in a subscription of 3.1947 times.

The issue received lukewarm response from Employees of the company with their portion receiving subscription of just 0.0076 times with bids for 3710 shares against the offer of 490000 shares.

Source : Equity Bulls

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