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MT Educare IPO subscribed 4.64 times on final day of issue

29 Mar 2012 Evaluate

MT Educare, the education based service provider’s initial public offer (IPO) was subscribed 4.64 times on the final day of issue. As per the data available with the NSE, total bid of 5,09,47,600 shares were received for the issue of 1,09,91,815 shares and 67,65,680 bids were received at the cut-off price.

MT Educare is looking forward to raise Rs 35 crore from capital market through initial public offering (IPO). The company has fixed the price band at Rs 74 - 80 per share which will be listed on both Bombay Stock Exchange and National Stock Exchange.

Enam Securities is the book running lead manager and Link Intime India is the registrar to the issue. The issue closes on March 29, 2012. It intends to utilize the issue proceeds towards part financing the cost of construction of a pre-university college campus (“PUC Campus”) in Mangalore, Karnataka and establishing new Coaching Centres at 20 locations.

MT Educare is the education support and coaching services provider was incorporated in August 2006 and was converted into a public limited company in May 2011. The company has presence in the state of Maharashtra, Tamil Nadu, Karnataka and Gujarat, through 188 Coaching Centres in 110 locations. It has strong foothold in the state of Maharashtra with primary operations in Mumbai with 142 Coaching Centres in 87 locations.

MT Educare presently education support and coaching services for the students in the secondary, higher secondary school and graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.

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