Transformers and Rectifiers (India) IPO was subscribed 1.89 times on second day. The issue received bids for 56.56 lakh shares as against 29.95 lakh lakh shares on offer. The has fixed a price band of Rs 425-465 per share and the issue will close on 12 December 2007.
The initial public offering has been graded CARE IPO grade 4 by Credit Analysis & Research, indicating above average fundamentals.
The Company manufactures transformers ranging from power generation, transmission and distribution transformers, industrial and specialty transformers. Objects of the issue are to part finance the setting up of the proposed greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat.
Net issue will constitute 22.01% of the fully diluted post issue paid-up capital. The equity shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.
Enam Securities is the book running lead manager to the issue.
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