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IPO Alert & News : M and B Switchgears

Posted By On 10:40 AM Under ,
M and B Switchgears Ltd is engaged in manufacturing of distribution transformers, power transformers, furnace/rectifier transformers and special purpose transformers. M and B Switchgears has entered the capital markets with an initial public offering, IPO of 50,00,000 Equity Shares of Rs 10 each. The price band for the issue has been fixed at Rs 180/- at lower level and Rs 186/- at upper level. The issue opens on Sep 28, 2011 and closes for subscription on Oct 05, 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The amount being raised is intended to be used for expansion purpose for a new grid connecting Gagorni in Rajgarh district of Madhya Pradesh.

The book running lead manager for the company is D&A Financial Services Private. ICRA, the rating agency, assigned it an IPO Grade of '2/5’ to the new issue. This indicate that the business has a'below average fundamentals’ according to the ICRA.
However seeing the poor response to the IPO, it may get extended or its price may be revised as initial public offering (IPO) got bids for just 5340 shares by 16:00 IST on the first day of bidding for the IPO.

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