Behari Lal Engineering IPO Subscribed 7.78 Times on Day 2

New Delhi: The initial share sale of integrated iron and steel manufacturing company Behari Lal Engineering Ltd was subscribed 7.78 times on the second day of bidding on Thursday.

The company’s Rs 302-crore IPO received bids for 5,76,69,144 shares against 74,12,769 shares on offer, according to NSE data.

The non-institutional investors bid for 11.11 times the shares reserved for them. The category for retail investors received 9.36 times subscription and the portion for Qualified Institutional Buyers (QIBs) was subscribed 2.22 times.

The initial public offering (IPO) of Behari Lal Engineering Ltd was subscribed 2.03 times on the first day of bidding on Wednesday.

Behari Lal Engineering Ltd on Tuesday said it has raised Rs 90.48 crore from anchor investors.

The company’s IPO will close on Friday. The price band has been fixed at Rs 271-285 per equity share.

The public issue comprises a fresh issuance of shares aggregating up to Rs 93 crore and an Offer-for-Sale (OFS) of up to 73.20 lakh equity shares.

The company plans to use the proceeds from the fresh issue for purchase and installation of equipment and machinery, including computers and peripherals, and related civil work at its manufacturing facilities.

Funds will also be used for installing rooftop solar panels at both facilities, repayment or pre-payment of certain borrowings and general corporate purposes.

Behari Lal Engineering operates two manufacturing facilities at Mandi Gobindgarh in Punjab and has recently commenced construction of a third facility in Fatehgarh Sahib district.

The company manufactures metal rolls, engineering castings, alloy steel products and forging ingots for industries including steel, power and heavy engineering.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)