CESC QIP oversubscribed, pricing by November 5

30 Oct 2014

The Qualified Institutional Placement (QIP) issue of CESC received bids worth USD 95- 97 million against the issue size of USD 80 million, reported PTI.

The issue was oversubscribed and we had received bids totalling to USD 95-97 million. The QIP issue size was of USD 80 million, CESC sources told PTI.

Asked whether the company offered five per cent discount to the issue that closed today, the official said, We have just received bids and pricing will be finalised in consultation with bankers by November 5.

The company had fixed a floor price of Rs 677.84 for the QIP issue. A discount of 5 per cent can be provided on the floor price of the equity shares at the discretion of CESC.

CESC did not confirm rumours that the company received several bids from overseas investors below the floor price in the wake the coal blocks crisis.

Source: Dion Global Type: IPO Related

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