Tejas Networks Shares Rise 5% After A Tepid Market Debut
Shares of Texas Networks Limited, which were ranked in current grants debuted recklessly.
Shares of the company have good nights at 5.4 percent at the high intraday Rs. 271 against its issue price of Rs. 257.
The introduction of the Texas Networks grants an oversold of 1.88 times, institutional buyers qualified party an oversold of 2.16 times, non-institutional investors and 48% retail investors 3.10 times.
The price range of the offer has been set at Rs. 250-257 per share and was open to offers from June 14 to 16
Few more than 1.35 million rupees shares were allotted to anchor investors at Rs 257 per person -. The upper end of the stock price band.
Anchor investors include Abu Dhabi Investment Authority – Behave, Amansa Holdings Pvt Ltd, Columbia Emerging Markets Fund, OSE Life Insurance Company Ltd, Reliance Nippon Life Insurance Company Ltd and Arbitration BNP Paribas, according to a presentation made by Texas at EEB Networks.
The Rs. IPO 776 crore of Texas Networks includes a new issue of Rs.
450 crore and an offer to sell Rs. 326 million rupees by investors and existing management, who wanted to sell 1.27 billion rupees shares to the public.
Mail, promoters and institutional participation in Tejas Networks will increase to 66.2 percent from the current 100 percent.
Headquartered in more than 60 countries, Tejas Networks is currently developing and selling high-performance products for telecommunications service providers, service companies, defense contractors and government entities, among others.
Capital Axis, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services and Nomura Financial and Securities Adviser (India) Pvt Ltd were the executive leaders book for the offering.
From 12:38, Texas Networks shares traded 3.4 percent to Rs. 265.85.