Sunday, June 7, 2009

Finally public offer hits the market

Given that the stock markets are back in action and the sensex recovering from lows of 8000 and reaching 15000, public offers have started hitting the markets. The first one being Rishabhdev Tech which has come out with a FPO, follow on public offer aggregating around Rs 30 crore has opened on June 4 and will close on June 9, 2009. This is the first Public Offer hit the market in nearly three months and has a firm underwriting arrangement.

The company is issuing 90,00,000 equity shares of Rs 10 each for cash at a price to be decided through 100% book building process. The net offer to the public will comprise of 68,54,500 equity shares aggregating around Rs 23 crore. The promoters are subscribing to 21,45,500 equity shares at the issue price. The price band has been fixed between Rs 29 and Rs 33 a share. Its shares are currently listed on the Pune and Jaipur stock exchanges and the Company now proposes to list on Bombay Stock Exchange.

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