Mascot's book built portion opens for bidding

MUMBAI, APRIL 8. Mascot Systems will open bidding for its book built portion on April 10, with an indicative price band of Rs. 480 to Rs. 580 per share, of the Rs. 1.2 crore initial public offering (IPO).

The issue, which includes a book built portion of 22.5 lakh equity shares, would carry an indicative price band of Rs. 480 to Rs. 580 per share, the company said in a release here. The book built portion would open on April 10 and close on April 18, it added.

The fixed price portion of 7.5 lakh shares also features in the IPO of 30 lakh shares of Rs. 4 each, it added.

At least 25 per cent of the book building scheme will be allocated on a proportionate basis to non-institutional investors, subject to valid bids being received at or above the issue price and the balance to institutional investors on a discretionary basis. The fixed price portion for the remaining 25 per cent of the issue size will be allotted on a proportionate basis.

Mascot proposes to utilise a part of funds raised to expand and upgrade its existing offshore developments centres, acquire property for future expansion and procure capital equipment at its international offices, it said adding, funds raised in excess of the above mentioned requirements would be used for investing in possible joint ventures and acquisitions.

- PTI

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