Day 2: Ganesh Consumer IPO receives 41 pc subscription

New Delhi, Sep 23 (PTI) The initial public offer of Ganesh Consumer Products Ltd, a key player in packaged food products in eastern India, received 41 per cent subscription on the second day of share sale on Tuesday.

The IPO got bids for 36,76,228 shares against 89,12,228 shares on offer, according to NSE data.

The component meant for Qualified Institutional Buyers (QIBs) received 51 per cent subscription, while the category for Retail Individual Investors (RIIs) got subscribed 43 per cent. The portion for non-institutional investors received 23 per cent subscription.

Ganesh Consumer Products Ltd on Friday said it has raised over Rs 122 crore from anchor investors.

The company's Rs 409 crore public offering will be available for subscription till Wednesday. The price band has been fixed at Rs 306 to Rs 322 per share.

The IPO has a fresh issue of equity shares worth up to Rs 130 crore and an offer-for-sale (OFS) of 86.58 lakh shares valued at Rs 279 crore at the upper end, by promoter and investor-selling shareholders.

Of the fresh issuance, Rs 60 crore will be utilised for payment of debt; Rs 45 crore for setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling, and for general corporate purposes.

Established in 1936, the company offers 42 products across staples, spices, ethnic snacks, and emerging food categories. PTI SUM SUM SHW