Ess Dee Aluminium oversubscribed by 1.16 times

Mumbai, Dec 5 (UNI) Ess Dee Aluminium Ltd (EDAL), an end-to-end pharmaceutical packaging solutions provider, has received an overall subcription upto 1.16 times of the initial public offering of 69.60 lakh equity shares of Rs 10 each, according to merchant banking sources.

The IPO, which opened on Monday, has received from the QIB (Qualified insitutional buyers) segment up to 2.33 times as against the quantum of allotment earmarked from the net issue to them, sources said.

The IPO will close on December 8 this year.

The issue was to part finance the new expansion project at Daman costing Rs 114.79 crore to raise the company's aluminium foil rolling capacity from 3,600 tonnes per annum to 18,000 tonnes per annum.

UTI Securities and Enam Financial Consultants are the book running lead managers to the issue.

UNI SN KU SKB1855