Volatile market forces Purvankara extend IPO to Aug 8

Bangalore, Aug 3 (UNI) A volatile capital market has forced Realtor Puravankara Projects Limited to downsize the issue price and extend the closing date to August 8.

The IPO for raising 21,467,610 equity shares of Rs.5 each through 100 per cent book building process was opened on July 31 with a price band of Rs.500 to Rs.525 per share.

In a release here today said the company the price band had now been brought down Rs.400 to Rs.450 per equity share and the new closing date would be August 8. ''The change has been made keeping in mind the investor sentiments and the volatile market conditions''.

The issue would constitute 10.05 per cent of the fully diluted post-issue paid up capital of the company.

Bids submitted by the bidders at any price in the original price band Rs. 500- 525, would be treated as bids at the higher end of the revised price band Rs. 450. The bids submitted by bidders at the cut-off price in the earlier price band would be treated as bids at the cut-off price in the revised price band. The minimum application size and bid lot continue to remain at 10 equity shares the release added.

UNI