| The TVTN IPO that was over subscribed 36.26 times when
it concluded on 27 December 2003, had managed to mop up a whopping
Rs 49 billion at Rs 95 per share as a result of over subscription,
even though foreign institutional investors were not allowed to participate
in the initial offer.
The issue that opened on 18 December 2003 was offering 14.5 million
shares through the book-building route. It constituted 25 per cent
of the fully diluted post issue paid-up capital of the Company.
Keeping in mind the strong response that the IPO received from
retail investors, TVTN has decided to allocate 25 per cent of the
offering to retail investors, 25 per cent to non-institutional investors
and 50 per cent to qualified institutional investors.
The issue has been lead managed by JM Morgan Stanley Pvt. Ltd.,
while Kotak Mahindra Capital Company Limited and ICICI Securities
Limited were the co-lead managers to the issue.
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