New Delhi, Dec 19 (PTI) The Rs 960 crore initial share sale of Muthoot Microfin, the microfinance subsidiary of Muthoot Pappachan group, got subscribed 2.83 times on Tuesday, the second day of offer.

The Initial Public Offer (IPO) received bids for 6,89,23,185 shares against 2,43,87,447 shares on offer, as per data available with the NSE.

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The Retail Individual Investors (RIIs) part attracted 4.05 times subscription while the quota for non-institutional investors received 3.11 times subscription. The portion for Qualified Institutional Buyers (QIBs) got subscribed 46 per cent.

The initial public offering of Muthoot Microfin was subscribed 82 per cent on the first day of offer on Monday.

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The public offering has a fresh issue of up to Rs 760 crore and an Offer for Sale (OFS) component of Rs 200 crore.

The IPO has a price range of Rs 277-291 a share.

The company has mopped up Rs 284.99 crore from anchor investors.

Muthoot Microfin is promoted by Muthoot Fincorp, which is the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.

The company plans to use proceeds from the fresh issue for augmenting its capital base, to meet future capital requirements.

ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets are the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)