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TCS fixes IPO price at Rs 850
August 07, 2004 17:20 IST
Last Updated: August 07, 2004 17:35 IST
Software major Tata Consultancy Services Ltd on Saturday fixed the issue price of its IPO at Rs 850 per share.
"The price of Rs 850 per share was fixed despite (the offer) being oversubscribed at Rs 900 per share," TCS CEO S Ramadorai said in Mumbai.
The price band for bidding for initial public offering was Rs 775-900 per share of face value of Rs one each.
The book-built issue of Tata group company opened for bidding on July 29 and closed on August 5, 2004.
The IPO had received bids 10.3 times the issue size of 5.54 crore (55.4 million) shares with over 13.5 lakh (1.35 million) applications from retail investors.
The issue is likely to mop up about Rs 4,700 crore (Rs 47 billion).