Puravankara Projects revises the Price Band as issue fails to garner subscription

The Lead Managers to the Issue of Puravankara Projects Ltd have informed that "In view of the adverse developments in the financial markets in India over the last few days and considering the present prevailing market sentiments, the Company has decided to revise the price brand from Rs 500/- to Rs 525/- per equity share to Rs 400/- to Rs 450/- per equity share in accordance with Clause 11.31 (viii)(c) of the SEBI (Disclosure and Investors Protection) Guidelines, 2000 and pursuant to SEBI letter dated August 03, 2007 granting an exemption to the Company from provisions of Clause 3.7 of the SEBI Guidelines.

Accordingly, in line with the requirements specified in the SEBI Guidelines, the issue closing period has been extended by 3 working days. The issue will now close on August 08, 2007 instead of the earlier closing day on August 03, 2007. The bids and any revision of bids will continue to be accepted between 10.00 am and 3.00 pm till August 08, 2007.

The short fall in the funds raised on account of the revision in the lower end of the price band is intended to be adjusted against the general corporate requirement which has been specified in the Red Herring Prospectus."

Source : Equity Bulls

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