Tag: bidding

The government has changed a bidding parameter for airline Air India, allowing potential buyers to quote enterprise value instead of equity value. Simultaneously, the deadline for submitting bids has been extended to December 14 from October 30. Civil Aviation Minister Hardeep Singh Puri said this would entice bidders who till now had constructed the debt amount as a minimum threshold bid amount. The Tata group, which operates two airlines Vistara and AirAsia India, is a favourite for acquiring the national carrier. “We expect to complete the bidding process by end of December,” Puri said. The enterprise value of a company includes the equity value, debt as well as cash with the company. Equity value measures the value of a company’s shares. However, the government has mandated that a willing bidder will have to pay 15 percent of his quote as upfront cash payment, disinvestment secretary Tuhin Kanta Pandey said.

The initial public offer of Angel Broking has been subscribed 3.9 times on September 24, the final day of bidding, backed by retail investors. The Rs 600-crore initial public offering of Angel Broking was subscribed nearly 2 times on the National Stock Exchange (NSE) and BSE on Wednesday, the last day for bidding. The IPO has received bids for 2.43 crore equity shares against an offer size of 1.37 crore equity shares, the data available on exchanges showed. The offer received a bumper response from retail investors who have subscribed the issue 3.4 times so far on Day 3 of the issue. However, the IPO failed to get any subscription from Qualified Institutional Buyers (QIB). The IPO consists of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors. Angel Broking is one of the largest independent full-service retail broking house in India which was incorporated in 1996 in terms of active clients. Read more