February 28, 2018 / 5:08 PM / 6 months ago

H.G. Infra Engg's $70.9 milliom IPO subscribed nearly 5 times

(Reuters) - Construction firm H.G. Infra Engineering Ltd’s initial public offering (IPO) to raise up to 4.62 billion rupees ($70.92 million) was subscribed 4.9 times on the last day of the sale on Wednesday.

Investors bid for 59.5 million shares of the 12.1 million shares on offer, stock exchange data as of 1243 GMT showed. bit.ly/2CNZsoj

H.G. Infra was selling new shares to raise 3 billion rupees, while its promoters were selling 6 million shares in a price range of 263 rupees-270 rupees a share.

SBI Capital Markets and HDFC Bank were the bankers managing the sale.

($1 = 65.1450 Indian rupees)

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Biju Dwarakanath

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