BEL IPO Over-Subscribed Nearly 13 Times

MUMBAI: The initial public offering of real estate firm Brigade Enterprises Ltd today got over-subscribed by nearly 13 times.

The issue received bids for 21.40 crore shares against 1.66 crore shares on offer.

The price band of the issue has been fixed between Rs 351 and Rs 390. The issue, which opened on December 10, would close today.

The Bangalore-based firm had announced that it would set up shopping mall and a three star hotel at Chennai. The proceeds from the issue would be utilised to fund the setting up of mall.

The hotel would come up near the Tidel park here and the mall would come at Rajiv Gandhi Road, the IT corridor in the city.