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ALMT Legal leads on State Bank of Mysore IPP
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ALMT Legal leads on State Bank of Mysore IPP

Pallavi Saluja

ALMT Legal advised on State Bank of Mysore’s (SBM) Rs. 66.14 crore ($11.5 million) institutional placement programme (IPP).

The IPP was done to increase the public shareholding to 10% as mandated by the Securities and Exchange Board of India for PSUs.

The ALMT team was led by Bangalore Partners Dhanya Menon and Rajat Bopaiah along with Senior Associate Arita Chatterjee and Associate Vidya KS.

SBM had offered 12,13,630 shares (face value Rs. 10) to qualified institutional buyers on May 31 and had fixed floor price at R.s 545 an equity share. The issue was subscribed 1.22 times, reports HinduBusinessLine.