Saturday, May 1, 2010

Tara Health IPO - Analysis, Subscription, Allotment, Listing

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Tara Health Foods caters to the needs of both human and animal nutrition through its products, which can be divided broadly in to edible oil and cattle/poultry feed. It not only produces these products, but also market them in the northern part of the country.

It is aiming to raise Rs 175-185 crore from this issue; out of which it has received commitment of Rs 27 crore from anchor investors (AIs). They subscribed for 15 lakh equity shares - a part of AIs portion - at Rs 180 per share. IDFC Premier Equity Fund and Kotak Mahindra (UK) Ltd A/c Sandstone Capital India Master Fund subscribed for 50% portion each.

The company has come out with an IPO of 1 crore equity shares. The issue, which was supposed to close on April 30, has been subscribed just 3% so far. The company has also revised the price band to Rs 175-185 per share from earlier of Rs 180-190. Now, the issue will be closed on May 5 instead of April 30, 2010.

Update: Tara Health Foods, a producer of edible oil and cattle/poultry feed, has withdrawn its public issue due to lukewarm response from investors. Even price band revision could not help the issue to get through minimum subscription level of 90%. It had revised price band from Rs 180-190 to Rs 175-185 per share and extended closing period from earlier April 30 to May 5, 2010.

Watch out this blog for details on subscrition, allotment and listing!
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