The Indian real estate company, Purvankara Projects limited have lowered the price range for its initial public offering to Rs400-450 per share Rson the last day of its public issue. The company has earlier set a price band of Rs500-525 for its issue of 21.47mn shares. As per the NSE data, the company''s offering was over subscribed 0.36 times on the last day of its issue period. This period is now extended to August 8.
As per the deputy managing director Girish Puravankara, ''The reason (for the revision) is that market sentiment has taken a hit now and we want we want to respect the market sentiment.
The shortfall in the funds raised due to the revision of the price band is intended to be adjusted against the general corporate requirement, the company said in a statement to the Bombay Stock Exchange.
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