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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (8247)	10/12/1999 6:19:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Hughes issue oversubscribed 30X hssworld.com (Wednesday, October 13, 1999) Abhijit Das in Mumbai The public issue of Hughes Software Systems which closed yesterday has been oversubscibed almost 30 times, with collections at around Rs 700 crore against an issue size of Rs 27 crore. There were about 4.37 lakh shares on offer to individual investors in the IPO which opened October 7. The company, it may be recalled a record breaking Rs 6,000 crore in application money against the target of Rs 250 crore in the book-built portion. The shares were priced at Rs 630 per share. The public issue being open to individuals had a minimum subscription of 100 shares. The oversubsciption would mean that the investors would be alloted the shares on a proportonal basis. Meanwhile the company is close to alloting the shares in book-built portion of the issue. Sources in Kotak Mahindra, the lead book runner to the issue said that the allocation has been across a cross section of investors including Indian and international institutional investors. The details could not however be ascertained. The allotment for the book built portion unlike the public issue would be at the discretion of the lead managers and the company. The issue had received bids from around 65 large global institutions. The company was offering about 43,75,000 equity shares in the book built portion which closed at Rs 630 per share. The shares are expected to be listed on the National Stock Exchange, Bombay Stock Exchange, and the Delhi Stock Exchange. Kotak Mahindra Finance Limited the lead arranger, had announced that it will refund the service and documentation charges in full aggregating to about Rs 1.5 cores to all its successful and unsuccessful customers in the Hughes Software book building portion of the IPO. The company had a finance scheme to fund the investors intrested in participating in the book building process.(BS)