Aqua Logistics has failed to garner adequate support and subscription for its ongoing issue and the closure of the issue has been extended by three days. Readers would recall that the original price band was Rs 220-230 and the issue which had opened on Monday the 25th January was to close on the 28th of January.

The price band has now been reduced to Rs 200-225 and the closure date extended to Tuesday the 2nd of February 2010. This was also the first issue since the introduction of Anchor investors which was unable to garner any support from Anchor Investors.

My comments on this issue were Extremely Expensive – Simply Avoid.

I maintain my stand even now and believe this price reduction is not enough.