Parag Milk Foods was on Friday forced to cut its initial public offering (IPO) price and extend the closing date after its Rs 750-crore issue failed to garner the mandatory institutional investor participation.
The dairy products firm has lowered its price band to Rs 215-227 a share from the earlier band of Rs 220-227 a share. The IPO, which was supposed to close on Friday, will now close on Wednesday (May 11).
On an overall basis, Parag Milk's 19.2-million share offering has been subscribed 1.32 times, with 25.4 million bids. However, the qualified insti-