Gammon Infra 0.37 times subscribed

Thebullishtrends: Gammon Infrastructure IPO 0.37 times subcribed till today evening at 5PM, it will close on 13th March'08. Gammon Infrastructure IPO opened today for subscriptions with a price band of Rs.270-330 and the company is offering part payment facility to investors. Gammon Infrastructure Projects Ltd is a holding company with subsidiaries and associates that are engaged in infrastructure project development. The company is a subsidiary of Gammon India. The parent will hold 73 per cent, post-issue. The company plans to raise Rs 270-330 crore through this offer, the proceeds of which would be invested in projects of subsidiaries and repayment of loan to the parent company. Post-issue, the market capitalisation of the company would be Rs 2,400-2,900 crore at the two ends of the price band.