The initial public offering of Tulsi Extrusions, PVC pipes and fittings manufacturer for the irrigation, industrial, infrastructure and housing sector, has been subscribed 0.77 times, as per NSE website. Public offer received bids for 43.66 lakh shares as against 57 lakh shares on offer.

QIBs and HNIs' reserved portion got subscribed over 1 time.

The issue has opened for subscription with a public issue of 57,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book building process. The price band for the issue is between Rs 80 and Rs 85. The issue will close today, February 5, 2008.

The issue comprises a reservation of one lakh equity shares and the net issue to the public would be of 56,00,000 shares.

The issue would constitute 45.62 per cent of the fully diluted post issue paid-up capital of the company. The shares of the company are proposed to be listed on both the BSE and NSE.

The proceeds from the proposed IPO will be used to expand their manufacturing facilities at Jalgaon, to meet their long-term working capital requirements, purchasing of branch offices, provision of contingencies, general corporate purposes and to meet the issue expenses.

The issue is lead managed by Almondz Global Securities Ltd and the registrar to the issue is Intime Spectrum Registry Ltd.

Source : MoneyControl