The Rs 700-crore initial public offer (IPO) of IL&FS Transportation Networks Ltd got subscribed

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1.23 times till 1300 hrs on the second day of issue today.

The IPO got bids for 2.91 crore shares against 2.37 crore on offer for public, thereby getting subscribed 1.23 times, data till 1300 hrs with the National Stock Exchange shows.

The infrastructure developer has entered the capital markets with its IPO in the price range of Rs 242-258 per share. The issue closes on March 15.

On its opening day, the IPO was subscribed 34 per cent with most bids from institutional buyers.

IL&FS Transportation Networks has raised nearly Rs 126 crore from several anchor investors, including Reliance Capital Trustee Co, Axis Mutual Fund and Sundaram BNP Paribas Mutual Fund.

IL&FS Transportation intends to utilise the proceeds from the IPO for repayment of loans and for future expansion plans.

The firm is in the process of developing some road, power and renewable energy projects.