The offer for sale from PSU ship builder Garden Reach Shipbuilders and Engineers Limited was subscribed at the second attempt. The company had tapped the capital markets with its issue for 292.10 lac shares in a price band of Rs 115-118 with a discount of Rs 5 for Retail investors and eligible employees. The issue was open from Monday the 24th of September to Wednesday the 26th of September. While the QIB portion was subscribed, HNI and Retail remained under subscribed.

The issue was extended by three days and the price band changed. The lower price band of Rs 115 was reduced to Rs 114 and the new price band became Rs 114-118. The issue was to close on Monday the 1st of October. There was hardly any change in response and the issue got subscribed on the back of some QIB bids.

The overall subscription was 1.02 with QIB portion subscribed 1.81 times, HNI portion undersubscribed at 0.31 times, Retail undersubscribed at 0.24 times and Employee portion undersubscribed at 0.14 times. There are likely to be some rejections in the HNI and Retail portion which could see final subscription number dropping.

Full details of the subscription are given below: –