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Tata steel Issues Shares At Rs.610
Tata Steel Follow on Public Offer issue price has been fixed at Rs.610. Issue opened on Jan 19 and closed on Jan 22. The price range was Rs.594 - Rs.610. Company has mobilized Rs.3500cr through this issue, which will be used for boosting the production capacity of its Jamshedpur plant to 10 million tones. Expansion work, which is already under way, is expected to be completed in September 2011.
Retail Individual Investors (RIIs) portion of the issue was over subscribed by 1.6 times, while Qualified Institutional Buyers (QIBs) segment was oversubscribed by 10.41 times.