Non-binding term sheet for the acquisition has been signed.
After sharp selling by FPIs to the tune of $3.52 billion in January 2023, the FPI selling was relatively more subdued at $640 million in February 2023.
The issue was subscribed 42% on day 1 of the offer with 60% subscription received from retail investors.
Average price of this transaction was Rs 406 per share.
As was widely expected, highway awards continue to strengthen through Q4, with large listed players securing highway orders worth Rs88 billion in Q4 so far versus Rs54 billion in 9MFY23. This should jump further through March 2023.
About 75% of the offer was reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 10% for retail investors.
Headline inflation for the month of February 2023 was lower than January but higher than the Reuters consensus estimates.
Here are some stocks that may show significant price movement today.
Federal Reserve expected to moderate its hawkish stand on interest rates.
Banking stocks likely to see further selling pressure.
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