Gangotri's Rs 55 cr issue oversubscribed

New Delhi, May 24: The Rs 55 crore follow-on offer of Coimbatore-based Gangotri Textiles Ltd has been oversubscribed by 1.02 times.

The issue received good response from banks, Mutual Funds and Insurance companies. In addition, the company has received a retail response from over 7,500 investors, a company statement released here last night said.

The company entered the capital market with a public issue of equity shares of Rs 5 each aggregating Rs 55 crores through the book built route to partly finance its Rs 351 crore investment plan.

Shares of Rs 5.5 crore were reserved for retail shareholders of Gangotri Textiles Ltd.

The issue opened on May 18 and closed yesterday.

The existing equity shares of the manufacturer of 'Tibre' trousers manufacturer, are listed on the stock exchanges at Chennai, Coimbatore, Kolkata as well as the Bombay Stock Exchange (BSE).

Recently, the company's shares also got listed on the National Stock Exchange.

UNI