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BEML IPO pledged 30 times and HDIL 6.6 times

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As per the sources available with www.propertykhazana.com, multi-product manufacturer of mining & construction equipments Bharat Earth Movers Ltd. (BEML) and Housing Development & Infrastructure Ltd. (HDIL), a Mumbai based renowned land developer has drawn scores of attention from their public offerings. Generally, BEML issue was pledged 30 times, while HDIL received bids 6.6 times than its issue dimension. BEML’s IPO attracted big interest from the QIB and was subscribed 30.65 times. QIB part of the issue was pledged for more than 60 times, as the issue took an awesome response with the retail portion pledged by 2.6 times. BEML had sold its 4.9 Million equity shares and took about 148 Million bids for the total shares on the offer and the rate band for the issue was Rs. 1,020-1,090 shares. Issue contains 11.77% of the total weak post-issue paid by equity capital of the company and post-issue, the Govt.’s share in BEML is likely to float about 54%.
According to the sources available to www.propertykhazana.com, revenue from the issue will be utilized for developing the metro coach manufacturing amenities in Garden City Bangalore. Company is also permitted to utilize a part of procedures to originate a 5 MW windmill for captive utilization and an R&D centre for brilliance for metro coaches. It is also reserving some part for the voluntary retirement plan for the employees. Discussing about the IPO of Mumbai based HDIL, it is pledging 6.60 times and the issue was rated in the series of Rs. 430-500 share. The dealings from the issue will be utilized to purchase property and to get its development rights, by enduring HDIL’s present ventures like Slum Rehabilitation Venture.

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