PSP Projects 31% Subscribed on Third Day Of Subscription

Ahmedabad-based PSP Projects IPO got subscribed by 0.31 times or 31% at 1015 hours on its third day of subscription, as per data available on NSE.

As per the data available with the National Stock Exchange (NSE) as of 1015 hours, the total issue is of 55,44,000 equity share and has received 16,97,780 bids. The bids received at cut-off price amount to 10,70,230 at 1015 hours.

Ahmedabad-based PSP Projects Limited, a multidisciplinary construction company in India has launched its initial public offering and is open for subscription from May 17, 2017, to May 19, 2017.

The issue will follow the book building process wherein a price band is set at Rs 205 to Rs 210 per equity share of face value of Rs 10 each of the company.

PSP Projects has raised Rs 95 crore on Tuesday by allotting 45.36 lakh equity shares at Rs 210 per share to nine anchor investors, including Reliance Mutual Fund, SBI Mutual Fund, Axis Mutual Fund, Sundaram Mutual Fund, Birla Sunlife Insurance and TATA AIA, among others.

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