Reliance Power - The Overlooked Fact:

Is Reliance Power just "Reliance Power"? No.It is actually "Reliance Power Limited" - a limited company. So what does this mean for Reliance Power Limited?It means if in the rare case, the calculations of the management go wrong and the company somehow goes to insolvency, none of the shareholders will lose anything expect the value of the shares. If you are a share holder of Reliance Power and it goes into insolvency (unable to pay back debts), what do you stand to lose?Rs 430 per share.Lot of money....right?

What does Anil Ambani's AAA Project or REL lose?Both of them had got their 45% (post-IPO) stake for Rs 1000 crore each. Plus they will each subscribe to 1.6 crore shares each at Rs 450 in the IPO......which works out to be Rs 720 crore. Thus, AAA Project will be getting 101.6 crore shares of Reliance Power for Rs 1720 crore and REL will be getting 101.6 crore shares of Reliance Power for Rs 1720 crore.Little less than Rs 17 per share.This is what both the promoters are risking in this project....Rs 17 per share ; while investors will be risking Rs 450 per share.This is exactly the reason why Reliance Power was created. First, by contributing just Rs 1720 crore each to Reliance Power, the promoters have shifted all risk to investors.Second, by getting 45% stake (in REL's projects) to AAA Project for a mere Rs 1000 crore, AAA Projects (and Anil Ambani) have created wealth out of thin air. Anil Ambani's Rs 1000 crore investment will be worth Rs 100000 crore when Reliance Power lists at Rs 900.If the gamble works, the promoters (holding 90% stake in Reliance Power) will be worth billions of dollars. If the gamble doesn't work, the promoters will lose Rs 1720 crore each and investors will lose Rs 10000+ crore which they will be paying for a mere 10% stake in Reliance Power.What a way to create wealth...!!!....I don't have words to describe the brilliance of Anil Ambani's plans...

So what will I do with this IPO?

Firstly, I will subscribe to it,not because I think it is a good company or is offering great value at Rs 430, but because I am in this market to make money. The markets are in such a frenzy, nobody bothers about valuations anymore........not even QIB and other institutional investors. Everyone knows that Reliance Power will list at a premium and thus everyone will apply....valuations can wait for some other day.... .Everyone should wait till last day and apply for it. Just check the subscription levels by 11 AM on last day.

What will I do post-listing?

For bigger IPO's like Power Grid and Mundra Port, I have followed a sell-half-keep-half strategy. Assuming listing at Rs 900, for Reliance Power, I will follow sell-all-keep-none strategy.First, other companies are much cheaper.

Why should I keep a company valued at Rs 200000 crore - when another company (with similar capacity by 2013) is available at Rs 30000 crore with much smaller debt burden and Rs 10000 crore worth of investments ...........referring to Tata Power.If Reliance Power (at Rs 900) is available for Rs 200000 crore, why not buy NTPC for a similar price......Rs 225000 crore. NTPC plans to have a capacity of 66000 MW in 2017, while Reliance Power will have 28200 MW capacity in 2016.

Second, the risk is higher than other existing companies. With marginally cash flows for next 5 years and Rs 70000+ crore of debt, the risk for Reliance Power is high. Tata Power and NTPC have existing cash flows to handle expansions....Reliance Power does not.

Third and the biggest factor is....the valuation of the company doesn't make much sense. Why should Reliance Power be valued at Rs 200000 crore, when in highly optimistic scenario, it will not make more than Rs 15000 crore of profit in 2016 ? Even if it touches that figure of Rs 15000 crore, its market value in 2016 will not be much more than 225000-300000 crore. (if given a 15-20 times multiple). A fixed deposit will make more money than that in 8 years.....and that too without any risk.

Also, I got the optimistic Rs 15000 crore figure by assuming two times margins as NTPC. The fact is..... at least till 2014, Reliance Power will still be carrying most of its Rs 70000 crore debt and its interest costs will squeeze margins to a large extent.

By CS Jharna Mistry

DSE plans to revive trading platform by April 14

The Delhi Stock Exchange today said it plans to revive its trading platform by April 14 with special focus on small and medium enterprises.
"In the first board meeting held after demutalisation, the exchange appointed Pradeep Jain of Parsvnath Developers Ltd as its Chairman. We hope to revive the trading by Baisakhi (on April 14)," Delhi Stock Exchange Executive Director H S Sidhu told PTI.
The exchange will soon finalise a software vendor for putting in place the trading technology, he said, adding, it would take about 15 days.
The meeting was attended by 16 directors, including one each from Omaxe, Parsvnath and Network 18, he said.
Besides, four foreign directors were also part of the board meeting.
The exchange which stopped trading in 2003 after the new market conditions like emergence of uniform settlement system.
The exchange also went for demutualised in September last year, following the Sebi guideline which required each stock exchange to mandatorily sell brokers' 51 per cent equity to separate their trading and ownership rights of bourses. The process is called demutualisation.
Some of the foreign stake holders of the DSE include Mauritius-based Wilmette Holdings, Kuwait's Noor Financial Investment, Ikarus Industrial Petroleum Company and Kuwait Privatisation Projects Holding Company. The exchange has reserves of Rs 98 crore, bank balance of Rs 75 crore and 379 members. Currently, about 2,884 companies are listed on DSE. Of these, 1,800 are exclusively listed on the bourse, providing it Rs 2.5 crore as listing fee

Acquition by CHD Developers Limited

CHD Developers Limited has Purchased 99.99% Equity Shares from the Promoters of the following Companies and by this these companies are now the subsidiary of the Company.

• Divine Townships Private limited.
• Golden Infracon Private Limited.
• Horizon Realtech Private Limted.

By Tejasvi Dixit

SBI board to approve esop to employee

Public sector Biggie, STATE BANK OF INDIA (SBI) is all set to give the esop to its 2 lacks employees working in its 9500 branches all across india. Board will meet n 14 jan to consider varrious issue like quaterly result, right issue and esop. Esop will be the .7% of the Capital.

By Tejasvi Dixit

GOING “ PUBLIC ”??? .......A TWIST TO THE TALE

According to capital market regulations, if promoters dilute more than 25% during an initial public offer (IPO), retail investors can be allotted 35% of the issue, while institutional category and HNI segment commands 50% and 15%, respectively.

However, promoters are nowadays diluting less than 25%, as this allows them to cap the retail portion at a maximum of 30%. The institutional portion in such cases go up by 10%. For small investors, this 5% difference can be substantial when the issue size is large.

Public issues, it seems, are not quite meant for the ‘public’. At a time when more and more retail investors are looking to hop on to the equity bandwagon, promoters have taken refuge in a decade-old regulation that allows them to dole out more shares to institutional bidders at the cost of retail ones. And the sad part is that this is perfectly legal and only an initiative from the market regulator can create a more level-playing field for small investors. Interestingly, this special clause — Rule 19(2)(b) — was introduced by the Securities and Exchange Board of India (Sebi) in 1999 for technology companies wherein promoters were allowed to dilute 10% if the issue size was more than Rs 100 crore. This also meant that QIBs could be allotted 60%, while HNI and retail portion was capped at 10% and 30% respectively. While initially the special clause was applicable only to technology companies, it was subsequently extended to all sectors. Meanwhile, two of the most high-profile issues in recent times — Reliance Power and Future Capital —are also using this age-old clause (by diluting only around 10-12%) to allocate more to the institutional investors. For instance, Reliance Power, where 22.8 crore shares are on offer, retail investors can bid for only 6.84 crore shares.

While this trend has been on an upswing for quite some time now, the recent past has seen a near complete disappearance of issues where retail investors were offered 35% of the total issue. Industry watchers say this trend is killing the very concept of ‘public holding’ in a publicly listed company. The effect of this clause can be gauged from the shareholding pattern of some of the companies that turned ‘public’ last year. The retail holding in Puravankara Projects is a lowly 0.8%. In the case of Motilal Oswal Securities and Omaxe, the retail stake is 3.43% and 3%, respectively. After the mega-sized public issue of DLF, retail investors have a 2.25% stake in the real estate major. In Vishal Retail, public stake is less than 5%.

By Ashima Gupta

Future Capital Holding IPO subscribed 4 times

According to the data availabe on NSE , the IPO of a flagship company of Kishore Biyani’s Future Group was subscrided by 4 times on the first day of the issue. It is rated by ICRA as IPO Grade 3 .
(source : http://www.greymarket.co.in/).

By: Jharna Mistry

Aries Agro presented a good show on listing day

Aries Agro (AAL), has listed at Rs 150 as against offer price of Rs 130 per share and rise sharply on just after listing and touched a high of Rs 206, a gain over 58%. At the close of the trade the share is quoting at 252 (94%) to issue price.The company had come out with an IPO of 45,00,000 equity shares of Rs 10 each for cash at a price band of Rs 120-130 per share and subscribed 7.62 times.

By Tejasvi Dixit

Euro Multidivision to tap Capital Market:

Euro Multidivision Limited (EMI), the second largest company engaged in the manufacturing of CDRs and DVDRs, has filed Draft Red Herring Prospectus with SEBI to enter the capital market with an Initial Public Offering of 80000 Equity shares of Rs 10 each for cash through a 100% Book buidlling process.

The issues will constitute 36.97% of the post issue paid up capital of the company. The issue comprises a net issue to public of 86,00,000 equity shares of Rs 10 each and a reservation of upto 2,00,000 equity shares of Rs 10 each for employees.

EML proposed to build a photovoltaic solar cell manufacturing unit with a capacity of 40MW per year at a total cost of Rs 167.56 crore at Bhachau in Gujarat. The company proposed to set up this photovoltaic plant in a Special Economic Zone to be developed by them. The fund requirement would be met through the proceeds from the issue and the term loan component. The company was also considering a pre-IPO placement subject to a minimum net issue to the public being 25% of the post issue paid up capital of the company. The equity shares are proposed to be listed on BSE and NSE.

By CS Jharna Mistry

SEC & SEBI heading towards more cooperation

US Capital market regulator Securities Exchange Commission (SEC) and Indian Capital market regulator Securities & Exchange board of India (SEBI) are in exchange of dialogues to increased cooperation among both. There main focus of the dialogues :

• Identifying and discussing regulatory issues of common concern;
• continuing and expanding the existing program of capacity-building and technical cooperation between the SEC and the SEBI; and
• improving cooperation and the exchange of information in cross-border securities enforcement.

The dialogue will be composed of regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and SEBI. Several topics have been identified for discussion for the dialogue over the coming year: oversight of dually regulated entities, regulatory and compliance issues relating to outsourcing, accounting and auditing standards, and corporate governance standards and internal controls, among other things.“As financial services and investment continue to grow and expand between the United States and India, the SEC and SEBI are increasingly working together to facilitate our aims of investor protection and healthy markets,” said SEC chairman Christopher Cox. “The SEC has worked with SEBI over the past few years on extensive capacity-building programs as well as enforcement matters. I look forward to continuing and strengthening our regulatory and enforcement cooperation with SEBI through this high-level dialogue.”

SEBI chairman M. Damodaran said, “Given the role that emerging and recently emerged markets play in an increasingly globalised financial world, it is only befitting that the SEBI and SEC work closely for the protection of investors and for ensuring fair, efficient and transparent markets. The high level discussions between the two regulators, while promoting capacity building, would also enable both the SEBI and SEC to take suitable joint and collective action where needed.” Says report of James Lanton(source: http://investmentexecutive.com)

US Private Equity Funds- record fund raising of UD$ 255 billion.

US Private Equity Firms, many of them operating in SAN Francisco, USA, raised a record $302 billion in 415 funds last year, in comparison to the UD $ 255 Bn. raised in 404 funds in the year 2006. There is a rise of 19 % in 2007, according to the January issue of industry newsletter Dow Jones Private Equity Analyst. One of the hottest areas for institutional investors committing money to private equity was funds focused on distressed investment opportunities. Almost $45 billion was invested in 22 funds focused on this theme. That's almost triple the fund category's previous record of $16 billion, set in 2006. Elsewhere in the private equity arena, leveraged buyout and corporate finance funds accounted for 75 percent of all commitments, with $228 billion raised in 182 funds. That's 29 percent more than the $177 billion investors put into this fund category in 2006. The year also saw the largest leveraged-buyout fund ever: Blackstone Group's $21.7 billion Blackstone Capital Partners' fifth fund. Among venture capital firms, 141 funds raised more than $32 billion last year. That performance was up 19 percent from the $27 billion raised in 136 venture funds in 2006.Nearly 10 percent of all capital invested in venture funds went to Technology Crossover Ventures, which raised $3 billion for its seventh fund, which is focused on investing in later-stage companies.

IPO Performance-Year 2007

During the past year 2007 the India saw 101 IPO. They all are not hit in the market, some of them are below the issue price but many of them shows good run up during after the listing. List is given below to have a look
S.No.	Name of the Company	CMP	Issue Price
1	Precision Pipes and Profiles Company Limited	-	150
2	PORWAL AUTO COMPONENTS LIMITED	-	75
3	MANAKSIA LIMITED	165.9	160
4	ARIES AGRO LIMITED	-	130
5	BRIGADE ENTERPRISES LIMITED	370.5	390
6	Transformers And Rectifiers (India) Limited	754	465
7	BGR ENERGY SYSTEMS LIMITED	834	480
8	ECLERX SERVICES LIMITED	401	315
9	JYOTHY LABORATORIES LIMITED	860.05	690
10	KAUSHALYA INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	90.5	60
11	KOLTE PATIL DEVELOPERS LIMITED	241.8	145
12	RENAISSANCE JEWELLERY LIMITED	148.8	150
13	EDELWEISS CAPITAL LIMITED	1653.65	825
14	Mundra Port and Special Economic Zone Limited	1192	440
15	EMPEE DISTILLERIES LIMITED	335	400
16	Religare Enterprises Limited	678	185
17	BARAK VALLEY CEMENTS LIMITED	59.35	42
18	SVPCL LTD	-	42
19	Maytas Infra Limited	838.5	370
20	Supreme Infrastructure India Limited	168	108
21	Koutons Retail India Limited	982	415
22	Consolidated Construction Consortium Limited	1100.05	510
23	Kaveri Seed Company Limited	330	170
24	Dhanus Technologies Limited	295.35	295
25	Power Grid Corporation of India Ltd.	144.5	52
26	Motilal Oswal Financial Services Limited	2149	825
27	Indowind Energy Limited	151.8	65
28	Magnum Ventures Limited	33.15	30
29	SEL Manufacturing Company Limited	170	90
30	Asian Granito India Limited	111.35	97
31	TAKE Solutions Limited	1230	730
32	K.P.R. Mill Limited	172.4	225
33	Purvankara Projects Limited	458.9	400
34	Central Bank of India	138.6	102
35	IVR Prime Urban Developers Limited	415	550
36	Omnitech Infosolutions Limited	233	105
37	Zylog Systems Limited	384.95	350
38	Omaxe Limited	547.65	310
39	Alpa Laboratories Limited	47.3	68
40	Simplex Projects Limited	452.7	185
41	Everonn Systems India Limited	1087.9	140
42	Allied Digital Services Limited	1032.1	190
43	Bharat Earth Movers Limited	1733.6	1075
44	Housing Development and Infrastructure Limited	1379.7	500
45	Suryachakra Power Corporation Limited	-	20
46	Ankit Metal & Power Limited	-	36
47	ICICI Bank Limited	1379.1	940
48	Roman Tarmat Limited	189	175
49	DLF Limited	1200.8	525
50	Vishal Retail Limited	895	270
51	Nelcast Limited	168.25	219
52	Meghmani Organics Limited	41.5	19
53	Decolight Ceramics Limited	41.1	54
54	Time Technoplast Limited	1012	315
55	Nitin Fire Protection Industries Limited	593.95	190
56	Asahi Songwon Colors Limited	-	90
57	Insecticides (India) Limited	93.3	115
58	Binani Cement Limited	115.5	75
59	MIC Electronics Limited	927.6	150
60	Bhagwati Banquets & Hotels Limited	79	40
61	Fortis Healthcare Limited	108.5	108
62	Ammana Bio Pharma Limited	-	*
63	Advanta India Limited	1405	640
64	ICRA Limited	948.8	330
65	Orbit Corporation Limited	947	110
66	Gremach Infrastructure Equipments & Projects Limited	-	86
67	Abhishek Mills Limited	86.2	100
68	Tubeknit Fashions Limited	-	*
69	Page Industries Limited	477	360
70	Raj Television Network Limited	204.5	257
71	AMD Metplast Limited	66	75
72	Vijayeswari Textiles Limited	-	100
73	Idea Cellular Limited	137.65	75
74	Evinix Accessories Limited	218	120
75	Mudra Lifestyle Limited	102.7	90
76	Oriental Trimex Limited	28.8	48
77	MindTree Consulting Limited	497	425
78	Broadcast Initiatives Limited	59.45	120
79	Indus Fila Limited	360	170
80	Euro Ceramics Limited	251	165
81	Indian Bank	214	91
82	C & C Constructions Limited	278.15	291
83	SMS Pharmaceuticals Limited	323.05	380
84	Power Finance Corporation Limited	260.8	85
85	Transwarranty Finance Limited	47.4	52
86	Firstsource Solutions Limited	77.75	64
87	Redington (India) Limited	409.6	113
88	Cinemax India Limited	153.1	155
89	Technocraft Industries (India) Limited	83.7	105
90	House of Pearl Fashions Limited	329	550
91	Akruti Nirman Limited	1203.95	540
92	Global Broadcast News Limited	1187	250
93	Pochiraju Industries Limited	47	30
94	Autoline Industries Limited	220	225
	source nseindia.com
	CS Tejasvi Dixit

Emmar MGF got SEBI nod

Realty major Emaar-MGF's application to go public has got the stamp of approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The IPO is expected to hit the market in the first week of February and raise between Rs 5,000-6,000 crores, making it the second largest realty IPO in the country till date. The company will offload 11 crore shares with the pricing expected to hover around Rs 500-600 per share.

The go-ahead came on Tuesday, subject to compliance of observations. The red herring prospectus would be expected to file in the next week

Emaar MGF Land, a joint venture between one of the world's leading real estate companies Emaar Properties PJSC of Dubai, and MGF Development of India, filed its Draft Red Herring Prospectus (DRHP) with SEBI in September last year to enter the capital market with its IPO of equity shares.

The global co-ordinators and book running lead manager to the issue are Enam Securities Private Limited and DSP Merill Lynch Limited. The Book Lead Managers are Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, JP Morgan India Private Limited and Goldman Sachs (India) Securities Private Limited

Future Capital Holdings - IPO

Future Capital Holdings Limited (FCHL) promoted by Pantaloon Retail India Ltd (PRIL) , a flagship company of Kishore Biyani’s Future Group, is eyeing lucrative lending business by leveraging group’s retail business and understanding of Indian consumer. FCHL has currently three lines of business, investment advisory services includes private equity and real estate investment advisory services, retail financial services and proprietary research.

The company is entering the capital market to part-finance its expansion plans. It will raise Rs 450-490 crore by issuing 64.23 lakh shres of Rs 10 each in the price band of Rs 700-765.The issue opens for subscription on January 11 and closes on January 16, 2008. Grey market listing premium is Rs. 650. (source: www.greymarket.co.in)

Kishore Biyani’s Future group is aiming at US $2 billion turnover in 2008-09.The group has planned out expansion of its major stores across the country. Apart from this, the group is also aiming at listing all the business verticals to provide true value to the shareholders.

By CS Jharna Mistry

Infosys in income tax case Supreme Court’s Relief:

The Supreme Court has rejected an Income Tax Department appeal charging Infosys Technologies with Tax evasion. The department has treated Infosys as a defaulter for not deducting TDS on ESOPS given to its staff in three business years that is from 1997 to 1999.

“The I-T department had been mistaken or incorrect in treating Infosys as an assessee in default for not deducting the TDS @ 30%”, but as said by a bench of justices this is not the case of tax evasion. The Commissioner of Income tax, Bangalore had challenged a Karnataka High Court order and income Tax Tribunal, which had ruled that the right granted to employees for participating in the scheme was not a perquisite. Thus, court rejects tax evasion charge against the firm.

By CS Jharna Mistry

Market update :

Aries Agro :
Aries Agro listing date is out.
Listing Date 11 jan.

Reliance Power :
Too much euphoria in the investors. Power has electrified the markets.
Big cities are witnessing a huge rush for opening demat accounts for Reliance Power IPO.
Grey Markets operators are ready to give Rs 10,000 for every application of Rs 1 lakh.

Reliance Retail :
Mukesh Ambani group is planning for Reliance Retail IPO.
IPO likely to be announce soon in march - april.

Emaar-MGF IPO :
SEBI has passed the Emaar-MGF IPO.
Price band is Rs 725-850 per share.
Coming in the first week of February.

By Anirudh Singal

Reliance Power Limited - IPO

Reliance Power (RPL), part of the Reliance Anil Dhirubhai Ambani Group (R-ADAG) company,a unit of India's second-biggest utility by market value, which is coming up with the largest IPO, is engaged in the construction and development of various gas- and coal-based thermal power projects and hydroelectric power projects in various parts of the country.

Reliance Power won rights to develop a 4,000-MW mega power project at Sasan in the central state of Madhya Pradesh in June. Its parent, Reliance Energy, is building a 1,200-MW power plant at Rosa in northern Uttar Pradesh state..

The 4,000-MW project is expected to be the largest pit-head coal-fired power project at a single location in the country and is scheduled to be commissioned during the XI Plan. At the same time, the company expects to complete the Rosa Phase-I, 600-MW coal-fired project in Uttar Pradesh, now under construction, by March 2010. The Rosa Phase II (600-MW expansion project) is scheduled to be commissioned by September 2010. The other identified projects are located in Western Region (12,220 MW), Northern region (9,080 MW) and North-Eastern region (2,900 MW). It is also making a big foray into the hydro power projects in Arunachal Pradesh. The power projects include six coal-fired projects (10,620 MW) to be fuelled by reserves from captive mines and supplies from India and abroad, two gas-fired projects (10,280 MW) to be fuelled primarily by reserves from the Krishna Godavari Basin off the East Coast and four hydro power projects (3,300 MW), three of them in Arunachal Pradesh and one in Uttarakhand.

By Anirudh Singal

CFA Institute is now applying to AICTE for its approval to operate in India.

US based Chartered Financial Analyst Institute (CFAI) is now going to take approval from All India Council for Technical Education (AICTE) to operate in India. Delhi High Court has dismissed petition of CFAI in December 2007 alleging that it doesn't require AICTE approval for operating in India. At present approx 10500 students are enrolled with CFA Institute. The AICTE approval will also allow the CFA Institute to register fresh candidates in India says Business Standard. Exams may held in January 2008.

Blackstone Group is strategizing on the Investment proposal in Ushodaya Enterprises for 14% stake.

Global Private Equity Fund Blackstone Group is reworking the investment proposal in Ushodaya Enterprises which owns the leading South Indian newspaper and will invest less than Rs. 600 crores for 14% stake in the company says Business Standard

Black stone entered into an agreement with Ushodaya in January 2007 for investing US$ 275 in return of 26% stake in the company but the deal got stuck for the FIPB approval due to political battle. Ushodaya is owned by the Ramoji Group, promoter of Ramoji Film City on the outskirts of Hyderabad in Andhra Pradesh. Ramoji Rao, chairman of UEL, had then said: “The company had access to several financing options, including an IPO, but we decided to go with Blackstone because we believe that at this stage of our growth, we have an opportunity to create significant value by leveraging Blackstone’s experience and track record in the global media sector.”

FCS Software Solution Limited is looking to raise equity as well as debt funding

FCS software solutions has issued 25 lacs share warrants to the non promoter group
1. Innova e-Services Private Limited - 20,00,000 No. of Share Warrants to be allotted.
2. Maud Estates Private Limited - 4,00,000 No. of Share Warrants to be allotted.
3. Mr. Uday Punj - Non Promoter - 1,00,000 No. of Share Warrants to be allotted.
Apart from this FCS will enhance its borrowing limit upto Rs 500 crores and also the additional capital by way of issue of FCCB / ADR / GDR / QIP or through any other mode of securities to the extent of $ 25 Million.

CS Tejasvi Dixit

Listing of Manaksia Limited on January 8, 2008

Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, will list on the bourses with equity shares on Tuesday, January 08, 2008.
Manaksia Limited had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share. The issue price has been fixed at Rs 160 per equity share. It has raised Rs 248 crore from this issue.
According to NSE website. Big support was seen from QIB portion subscribed 13.7 times followed by retail and HNIs with 5.09 times and 2.72 times, respectively. Overall it was subscribed 8.79 times.

CS Tejasvi Dixit