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Garden Reach's Rs 3.4-bn IPO to remain open between September 24 and 26

BS Reporter/Mumbai 13 Sep 18 | 12:27 AM

Illustration: Ajay Mohanty

Government-owned Garden Reach Shipbuilders & Engineers’ Rs 3.4-billion initial public offering (IPO) will remain open for subscription from September 24-26. 

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The price band for the issue is Rs 115-118 per share. Retail investors applying in the IPO will be offered a discount of Rs 5 per share.  The centre is diluting 25 per cent stake through the IPO, which will not involve any fresh fund raising. 

IDBI Bank and YES Securities are handling the IPO. This is the third offering by a state-owned company this fiscal year. In June, the centre had raised Rs 4.6 billion through the IPO of Rites, a firm that operates in transport consultancy and engineering sector. 

Next week, Ircon International’s Rs 4.7-billion IPO opens for subscription. 

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