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Public issue of Mid-Day Multimedia Ltd oversubscribed

19-February-2001
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Public issue of Mid-Day Multimedia Ltd oversubscribed

The recently concluded public issue of Mid-Day Multimedia Ltd. was oversubscribed 1.6 times the book amount of Rs 45 crore. The institutional portion of the issue, which consists of 60 per cent of the book, was oversubscribed 1.65 times.

The total number of bids received were around 1,000 for about 1.06 crore shares. The applications included individuals, corporate bodies and local financial institutions.

Applications of foreign institutional investors (FIIs), non-resident Indians and overseas corporate bodies were rejected by merchant bankers. This was in line with the assurance given to the Securities and Exchange Board of India by the bankers after the issue got embroiled in a controversy regarding the participation of FIIs and other foreign entities in print-media companies.

The floor price per share, for which applications were received through book building, was pegged at Rs 70. Ninety per cent of the issue was reserved for applications through book building, while the balance was reserved for the fixed-price portion.

The total size of the issue was of Rs 50 crore.

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