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    Aether IPO subscribed over six times on closing day

    Synopsis

    The company will use ₹163 crore out of proceeds from its fresh share issuance to fund the proposed greenfield project in Surat. It will use ₹137.9 crore for the repayment or prepayment of borrowings, while ₹165 crore will be partly used for funding working capital requirements.

    IPO 2 (1) (1)Agencies
    The IPO consisted of a fresh issue of shares worth ₹627 crore, and an offer for sale (OFS) of up to 2.82 million shares. The price band of the issuewas ₹610-642 apiece.
    Mumbai: The ₹808 crore-initial public offering of Aether Industries was subscribed 6.26 times on Thursday - the final day of bidding. The speciality chemical manufacturer received bids for 58.5 million shares against 9.35 million shares on offer.

    The qualified institutional buyer portion was subscribed 17.57 times. The portion reserved for non-institutional investors witnessed a subscription of 2.52 times. The retail and employee categories were subscribed 1.14 times and 1.06 times, respectively.

    The IPO consisted of a fresh issue of shares worth ₹627 crore, and an offer for sale (OFS) of up to 2.82 million shares. The price band of the issue was ₹610-642 apiece.

    The company will use ₹163 crore out of proceeds from its fresh share issuance to fund the proposed greenfield project in Surat. It will use ₹137.9 crore for the repayment or prepayment of borrowings, while ₹165 crore will be partly used for funding working capital requirements.




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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