Varun Industries IPO oversubscribed

Mumbai, Nov 5 (UNI) Stainless steel kitchenware and utensils exporter Varun Industries Ltd (VIL)'s public issue received subscription amounting to a total of Rs 146,248 lakhs from 156,408 applications.

The company entered the capital market with a public issue of 90,00,000 equity shares of face value of Rs 10 each at a fixed price of Rs 60 per equity share, which closed on October 31.

VIL chief managing director Kiran Mehta said, ''The level of demand for shares in the IPO is a sign of confidence and indicates a very promising start to Varun's future as a listed company.'' Pursuant to the Initial Public Offer (IPO), the paid up equity of the company would increase to Rs 22.12 crore from the pre issue equity capital Rs 13.12 crore.

UNI