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Amid a weak response from investors, SVEC Constructions whose IPO was scheduled to close on Friday, has extended the bidding period till February 13 and also revised downward its price band.
SVEC Constructions' bidding period has been extended by three days and would now close on February 13, as per information available on the stock exchanges.
The price band has been revised to Rs 80-90 from Rs 85-95 earlier, it added.
The Hyderabad-based company plans to utilise the issue proceeds in meeting its capital expenditure and also for funding its working capital requirements.
The issue has received bids for just nine lakh shares against 40 lakh shares on offer amounting to 23 per cent of the issue, latest available data on the exchange show.
The book running lead managers to the issue are Karvy Investor Services Ltd and Centrum Capital Ltd. Source : The Economic Times |
