MUMBAI: Tata Capital has decided to close its non-convertible debentures (NCD) issue on February 24, its scheduled date of closure, despite witnessing inflows in excess of Rs 2,000 crore - much above its Rs 1,500 crore target. Post this over-subscription, the company has almost decided on full allotment to all retail investors (who are putting in applications for NCDs worth up to Rs 1 lakh) first, while allotments to high-networth individuals (HNIs) and institutional investors would follow in that order, sources said.
Earlier, because of strong inflows, Tata Cap was contemplating advancing the issue closing date. However, because of Friday's proposed strike at RBI, the company has decided to stick to its Tuesday close. Incidentally, Monday is also a bank holiday.
The company has witnessed inflows of over Rs 100 crore during the last couple of days, a rub-off effect of the IPO culture of the bull market of 2003 to 2007, market players said.
In IPOs, intending not to block their money for too long, retail investors usually came in only in the last two days of the issue.
Source: http://timesofindia.indiatimes.com/Business/India_Business/Tata_Cap_NCD_issue_inflows_top_Rs_2000cr/articleshow/4157887.cms
Earlier, because of strong inflows, Tata Cap was contemplating advancing the issue closing date. However, because of Friday's proposed strike at RBI, the company has decided to stick to its Tuesday close. Incidentally, Monday is also a bank holiday.
The company has witnessed inflows of over Rs 100 crore during the last couple of days, a rub-off effect of the IPO culture of the bull market of 2003 to 2007, market players said.
In IPOs, intending not to block their money for too long, retail investors usually came in only in the last two days of the issue.
Source: http://timesofindia.indiatimes.com/Business/India_Business/Tata_Cap_NCD_issue_inflows_top_Rs_2000cr/articleshow/4157887.cms
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