Claris Lifesciences Ltd IPO : Cuts IPO price band and extends issue close date

by khalid on 26/11/2010 · 0 comments

Claris Lifesciences Ltd IPO has failed to attract investors in its 4 days of opening. Today, 26th Nov 2010 was the last day of subscription and the issue was not fully subscribed. Considering this, the management of Claris Lifesciences Ltd has decided to cut price band and extended the closing date for its Rs 300 core initial public offering (IPO).

The company has set a new price band of Rs 228-235/share, earlier the price band was Rs 278-293/share. The closing date of the IPO is extended upto 2nd December 2010. It was suppose to close today 26th December 2010. The company has informed the media that they only cut the price band and the issue size has not reduced.

Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in India with a market presence in 76 countries worldwide. The company’s products range across various therapeutic segments, including anaesthesia, critical care, anti-infectives, renal care, infusion therapy, enteral & parenteral nutrition and oncology.

The objects of the IPO are to setting up of a new plant compri. a PVC bag line, setting up of a new manu. line for propofol, construction of a facility for R & D, prepayment of an identified term loan and general corporate purposes .

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

New Issue Detail:-
Issue Open : 24th Nov 2010 – 2nd Dec 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 8848921 Equity Shares of Rs 10 each
Issue Size : Rs. 300 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. 228 Rs. 235 Per Equity Share
Minimum Bid Quantity : 22 Shares (Rs. 6446 with 1 Lot)
Maximum Bid Quantity : 682 Shares (Rs. 199826 with 31 Lot)
Listing At : BSE, NSE

Maximum Subscription Amount for Retail Investor : Rs. 200000

The Book running lead managers to the issue are Edelweiss Capital Ltd, Enam Securities Pvt Ltd, ICICI Securities Ltd and JM Financial Consultants Pvt Ltd.

Registrar of the Issue : Link Intime India Pvt Ltd .

Stay tuned to BelltheBull Blog for more on Claris Lifesciences Ltd IPO !

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