BAG Films Ltd on Monday said its public issue of 1.48 crore equity shares has been over subscribed by 6.7 times.
"The IPO of 1.48 crore equity shares of Rs two each for cash at a premium of Rs 8 per share aggregating Rs 14.86 crore, which opened for subscription on September 6 and closed on September 11, has received over 25,500 applications for more than 10 crore (100 million) equity shares of an aggregate value exceeding Rs 25 crore (Rs 250 milion)," BAG Films said in a statement.
The issue is subscribed over 6.7 times, the statement added.
BAG Films, which, at present, is mainly into production of TV software for various channels in India, is a profit making company since inception in 1993 and has paid continuous dividends in the preceding five years.
For the year ended March 2003, the company achieved a net profit of Rs 2.66 crore (Rs 26.6 million) on a turnover of Rs 15.86 crore (Rs 158.6 million), it pointed out.