Date:03/03/2004 URL: http://www.thehindubusinessline.com/2004/03/03/stories/2004030301740500.htm

Back IBP offer price at Rs 620 likely

Our Bureau

New Delhi , March 2

THE Ministry of Disinvestment has favoured a selling price of Rs 620 per share for investors to the IPO of IBP Ltd., with retail investors getting it at a discount of five per cent, which would help the Government mobilise about Rs 352 crore.

The issue which closed on Monday was oversubscribed 2.8 times with the retail investors allocated 25 per cent of 57.58 lakh shares offered for sale. Since the retail investors had just about managed to reach this level of allocation, all the applicants are likely to get whatever they applied. The Government is disinvesting 26 per cent of its residual equity in IBP which had earlier been handed over to the Indian Oil Corporation through strategic sale.