Indian shares rise, DLF IPO fully covered
Indian shares recovered from a dip to a four-week low to end up 0.34 per cent on Tuesday after the country’s biggest-ever IPO was fully subscribed, with heavyweights Reliance Industries and ICICI Bank leading the gains.
Property developer DLF Ltd’s $2.4 billion initial public offering was 1.27 times subscribed by 1030 GMT on Tuesday, data on the National Stock Exchange’s Web site showed.
That boosted shares in top private sector lender ICICI Bank, which plans to raise $5 billion through share sales in India and the United States later this month. The stock gained 1.9 per cent to Rs919.05.
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