Salasar Techno Engineering IPO Oversubscribed By 2.45 Times

Salasar Techno Engineering Ltd from the steel sector has come up with initial public offerings (IPO). On its second day of subscription on Thursday, the IPO issue got oversubscribed by 2.45 times as of 1230 hours.

The total issue size stands at 33,21,000 shares. Total bids received stood at 81,22,750 shares and total bids received at cut-off price stood at 25,63,375 shares.

The company is raising funds to meet the working capital requirements of the company including margin money, for general corporate purpose and to meet the issue expenses.

Salasar Techno Engineering Ltd IPO issue has opened on July 12, 2017 and will close on July 17, 2017. The issue is going to follow fixed price IPO wherein the issue price is fixed at Rs 108 per share.

The minimum order quantity is one lot wherein one lot contains 125 equity shares. Company's products include telecommunication towers, power transmission line towers, smart lighting poles, monopoles, guard rails, substation structures, solar module mounting structures, and customized galvanized and non-galvanized steel structures.

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