BUSINESS

CMC issue oversubscribed

MUMBAI, FEB. 26. The CMC issue was oversubscribed by ten times and the issue would be closed tomorrow.

While the lukewarm response to public offerings of Government-owned companies continued, there are indications that the Government may ask certain public sector companies, financial institutions and banks to step in to get the issues fully subscribed.

The Government believes that certain book-runners and merchant bankers may have manipulated the market to reduce the offer price. It suspects that this was aimed at helping institutional investors buy at lower prices.