Good response for BGR Energy Systems IPO

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Chennai, Dec 14 (UNI) The Initial Public Offer (IPO) of BGR Energy Systems Limited has received excellent response from investors and it is subscribed 112.28 times by 1800 hrs today, on the closing day of the issue.

A company release here said, the company entered the capital market on December five with a public issue of 9,136,000 equity shares of Rs 10 each in the price band of Rs 425 to Rs 480 per equity share.

SBI Capital Markets Ltd, Kotak Mahindra Capital Company Ltd, UBS Securities India Private Ltd and CLSA India Ltd were the book running lead managers (BRLMs) for the Issue.

BGR Energy proposed to utilise the net proceeds of the issue to augment long-term working capital requirements, expand production capacity by establishing additional manufacturing facilities in India, China and Middle East and fund expenditure for general corporate purposes, the release added.

UNI

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