Muted Response To Birla Shloka Edutech FPO On Day One (25-Feb-2010)
Yash Birla Group company, Birla Shloka Edutech's follow-on public offering (FPO) of Rs 34.77 crore was undersubscribed with bids for 4.26 lakh shares by 16:00 IST.
The FPO opened for bidding today and it proposes to sell 66.16 lakh shares through the FPO.
However, the issue comprises promoter's contribution of Rs 5 crore and net issue to the public aggregating to Rs 29.77 crore.
The company, which is listed on the BSE, has fixed the price band at Rs 45 to Rs 50 while the issue will close on 13 January 2010.
Birla Shloka Edutech is engaged in sales and services of varied products to education institutions.
It is engaged in providing IT infrastructure and imparting IT and IT enabled education in schools of various boards.
Currently promoters' shareholding stands at 56.67% and the rest is with the public.
The issue proceeds will be used for capital expenditure for turnkey projects executed by the company under the BOOT model (at cost of Rs 15 crore); capital expenditure on upgradation of infrastructure and content development for XL@School (Rs 9.5 crore); funding the proposed M&A activities (Rs 4.5 crore); working capital requirements (at Rs 2.13 crore); issue expenses (at Rs 3.03 crore) and contingencies (Rs 61.25 lakh).
Birla Shloka Edutech reported a net loss of Rs 0.26 crore in Q2 September 2009 compared with a net profit of Rs 1.02 crore in Q1 June 2009. Sales rose 0.60% to Rs 32.42 crore in Q2 September 2009 over Q1 June 2009.
Top News Today
 Godrej Properties, Mumbai based real estate developer launched its new residential project Godrej Alpine in Mangalore. It aims to complete 499-apartment Godrej Alpine for occupation in 36 months. Godrej
 Mahindra & Mahindra, auto major has stopped the second phase of booking for its latest sports utility vehicle XUV500. It has received over 25,000 orders in a period of 10 days from January 25 to February
 Reliance Power, the Anil Ambani group company's 2,400-MW Samalkot plant in Andhra Pradesh is likely to be ready for electricity generation this fiscal. It will install six gas turbines at the plant having
|
International Stock News
 The US markets rose on Monday, sending the Dow industrials to their highest close since 2008, as Greece's government made progress on measures to secure international aid. Also, a Labor Department report
 The US markets made a mix closing on Thursday, as a drop in jobless claims fueled optimism about the economy and investors looked to the next day's employment report as the next indicator of the economic
 The US markets made a mixed closing on Tuesday, with the indices mostly slipping after US economic data failed to live up to expectation. The reports showed that American consumer confidence trailed estimates
|
|
|