About 1.8 million applications have been received for the IPO issued by River Falls Power Limited since April 11.
According to CDS & Clearing, as of 5:11 a.m. on Wednesday, 1,838,431 applicants had applied for 2,11,32,820 shares worth Rs. 2,113,292,000.
The company had issued 2.73 million ordinary shares with a face value of Rs 100 per share since Wednesday, April 11.
Out of which 2 percent or 54,600 shares have been reserved for employees and 5 percent or 136,500 shares have been allotted for collective investment funds. Only the remaining 25 lakh 38 thousand 900 shares will be distributed to the general public.
As there are more applications than demand in the IPO of the company, the securities will be issued as per the issuance and distribution guidelines. Accordingly, 253,890 people will get shares by distributing shares at the rate of minimum 10 lots.
The issue and sale manager of the company is Prabhu Capital Limited.