The qualified institutional buyers (QIBs) category was subscribed 24.17 times. The total bids in this category were for 6.70 crore shares as against 27.73 lakh shares allotted for this category.

The non institutional investors category, made up of corporates and high-net individuals, was subscribed 25.50 times. The total bids in this category were for 2.12 crore shares as against 8.32 lakh shares assigned for this category.

The retail investors category was category was subscribed 39.47 times. The total bids in this category were for 7.66 crore shares compared with 19.41 lakh shares allotted for this category.

The company has fixed price band of the book-built issue at Rs 37-Rs 42 per share of Rs 10 each. The issue will close on 1 November 2007.

At the lower price band, the company would raise around Rs 20.72 core and at upper band Rs 23.52 crore.

Barak Valley plans to use the proceeds to part finance expansion of clinkerisation capacity from present 420 tonne per day (tpd) to 600 tpd; cement grinding capacity from 460 tpd to 750 tpd; invest in wholly owned subsidiary Badarpur Energy; set up 6 MW biomass based power project; and to meet the working capital requirements.

Barak Valley Cements manufactures various grades of Ordinary Portland Cement and Portland Pozzolana Cement, and its main market is the north-east.

The current cement manufacturing capacity of the company, including that of wholly owned subsidiaries, is 760 tpd, which will increase to 1,050 tpd post expansion.

Barak Valley sold around 1.60 lakh tonne of cement in 2006-07 (April-March).

|