September 2, 2015

Prabhat Dairy cuts price band to Rs 115-126; extends IPO closure

Prabhat Dairy, an integrated milk and dairy ingredients firm, today lowered its price band to Rs 115-126 a share and also extended the issue closure by three days to September 4 amid tepid response from investors.

"Price band for the issue has been revised to Rs 115-126. A discount of Rs 5 per equity shares has been offered to retail individual bidders," as per the information available with the exchanges. 

The issue, which opened on August 28, was scheduled to close today. Now, the the IPO will conclude on September 4. According to experts, price revision has been done due to low price band of peer groups and the extension of the issue period have been announced due to volatile stock markets.

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