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Dr
Reddy's ADS fixed at $16 per share
Hyderabad: Dr Reddy's Laboratories (DRL) plans to
raise $200 million through a public offering of 12.5 million
ADS (American depository shares) at $16.00 a share a 2.7
per cent discount compared with the company's ADR (American
depository receipts) close of $16.45 on Wall Street yesterday.
Following this, the DRL stock declined 5 per cent (by
Rs 39) to Rs 736 today on the BSE.
The
offering is expected to close on November 22.
The
pharma major had, on Nov 13, filed a shelf registration
statement and preliminary supplement prospectus with the
US Securities and Exchange Commission relating to the
offering of ADS of up to 13.5 million. excluding the underwriter's
over-allotment option.
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Blue
Bird IPO gets tepid response
Mumbai: The initial public offer of stationery and
paper notebook manufacturer Blue Bird India has received
a tepid response from the public and remained undersubscribed
on the second day of the public issue on Friday with investors
bidding for only 15 per cent of the total issue size.
The
Blue Bird IPO received bids for less than 13 lakh shares
at the end of Friday's bidding as against the total issue
size of 87.75 lakh shares.
The
company had hit the capital market with its 100 per cent
book-building IPO yesterday with a price band of Rs 90-105
per share. The issue is scheduled to close on November
22.
The
IPO has failed to generate interest among the foreign
institutional investors (FIIs) and retail investors so
far, with most of the bids coming from the domestic financial
institutions, merchant bankers said.
Blue
Bird may raise as much as Rs92 crore from the public issue
if it gets priced at the top end of the estimated price
band, while pricing at the lower end could fetch about
Rs79 crore for the company.
The
company is a leading manufacturer of paper-based notebook
and stationery products with the highest market share
of 48 per cent amongst the large and organised players
in the country.
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