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Friday, August 18, 2006

Tech Mahindra likely to list on Aug 29

Tech Mahindra, an IT solutions joint venture between Mahindra & Mahindra and British Telecom, is likely to list on the bourses on August 29, reports The Economic Times.

Tech Mahindra, which had fixed its initial public offer price at Rs 365 per share earlier this month after a public issue that was oversubscribed by more than 71 times, might list its shares on the Bombay Stock Exchange and National Stock Exchange, on August 29, sources familiar with the issue said.

The company is estimated to have raised over Rs 450 crore (Rs 4.50 billion) from the issue of 1.27 crore equity shares.

The issue was priced at the upper end of the price band of Rs 315-365 per share after the offering received impressive response from the market, particularly from the institutional investors.

Market observers said that the Tech Mahindra listing at the bourses is eagerly awaited as a listing with a premium, which has the potential to reignite the interest of companies in IPOs.

It could lead to various companies re-assessing their plans to go public, as well as initiate some fresh listing plans, they added. The Tech Mahindra issue had closed for subscription on August 4.

It consisted of fresh issue of 3,186,480 equity shares and an offer for sale of 9,559,520 equity shares by M&M and UK-based telecom giant British Telecommunications Plc.

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