Mumbai: The initial public offer of Infrastructure development firm Maytas Infra got subscribed 3.48 times on the fourth day of its issue.
A total of 3.08 crore bids were received for 8.85 lakh shares on offer, latest data available on the stock exchanges show.
Maytas had fixed the price-band at Rs 320 to Rs 370 a share and expects to raise about Rs 327 crore from the issue.
The Qualified Institutional Buyers (QIBs) got subscribed 3.32 times, while the Retail Individual Investors (RIIs) section and the Non-Institutional Investors segment got marginally subscribed.
The company plans to use the proceeds towards various built-operate-transfer (BOT) projects that are under development.
Of the total issue proceeds, the firm would use Rs27.7 crore in the Bangalore-Hosur elevated expressway, Rs127 crore in the 300MW coal-based KVK Nilachal power project in Orissa and Rs34.25 crore in the 56MW coal washery reject-based SV power plant and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.
It would utilize Rs33.29 crore for buying construction equipments, while the remaining amount would be kept for other projects and capex purpose.