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Wednesday, May 10, 2006

Patel Engineering - What An FPO

Patel Engg - FPO Subscribed 27 Times

The Rs 425 crore follow-on public offer of Patel Engineering has been subscribed more than 27.2 times. The issue, which closed today, has mopped more than Rs 10,000 crore.

The QIB portion of the issue has been oversubscribed more than 52 times. Foreign institutional investors such as Lehmann Brothers, Citi Group, Fidelity and Templeton along with a few other domestic asset management companies have subscribed to the follow-on public offering, investment banking sources said. The high networth investors' portion of the issue has been oversubscribed by more than 4.5 times and the retail portion of the issue has been oversubscribed 4.8 times. Overall, the issue received 1.22 lakh applications. The price band for the FPO was fixed between Rs 400 and Rs 440.

The proceeds of the issue would be used for the company's expansion through organic and inorganic means. The company intends to bid for infrastructure projects and invest in subsidiaries and joint ventures within and outside the country.

Currently Patel is on upward circuit quoting at Rs. 550.00

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