BEML fixes offer price at Rs.1075 per share

Bangalore, July 5 (UNI) Public sector mining and construction equipment giant Bharat Earth Movers Ltd has fixed the Issue price of its follow on public offer at Rs. 1,075 per equity share.

The company's offer of 4.9 million shares on a 100 per cent book building basis which closed yesterday was oversubscribed 30.65 times according to the National Stock Exchange web site.

The Board of Directors who met today took on record the Prospectus for filing with he Registrar of companies and fixed the issue price at Rs.1075 per share, BEML said in a release here. Post issue the Government holding in BEML would not be less than 54 per cent.

The QIB portion was subscribed around 63.34 times; the non-institutional investor portion was subscribed 8.47 times and the Retail investor portion was subscribed over 3.19 times as per the NSE web site.

UNI