MSTC initial public offer extended till March 20

The initial share sale of state-owned MSTC has been extended till March 20 and the price band has been lowered, according to a regulatory filing. The price band of the offer, which was to close Friday, has now been revised to Rs 120-128 from Rs 121-128 per share. The initial public offer was subscribed 1.12 times on the third day of bidding Friday.

According to the regulatory filing, the deadline for the offer has been extended till March 20. The Rs 226-crore IPO received bids for 1,98,69,390 shares against the total issue size of 1,76,70,400 shares, the data available with the NSE till 1900 hours showed.

Till Thursday, the offer -- which opened on Wednesday -- was subscribed 12 per cent. Equirus Capital Private Ltd is managing the initial public offer.

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MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company -- e-commerce, trading and recycling. MSTC scrip will be listed on the BSE and NSE.