MUMBAI: The initial public offering of Resurgere Mines & Minerals India on Wednesday got subscribed 1.15 times on the last day of the offer, as per the NSE website. The price band of the issue has been fixed between Rs 263 to Rs 272, and it closes on August 13.
The issue, through which the company is planning to raise about Rs 121.04 crore, received 51,25,020 bids, around 3,94,380 bids were received at the cut-off price, against 44,50,000 shares on offer.
The qualified institutional buyer’s portion got subscribed 0.98 times, the non-institutional investors was subscribed 0.70 times of the shares on offer, retail investors portion received 0.02 times subscription and the employee portion got subscribed 0.10 times.
The company plans to utilise the issue proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
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