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Our Bureau

Mumbai , Dec 15

The initial public offering of Cairn Energy was subscribed 1.12 times at 9 p.m. on the BSE and NSE on Friday, the last day of the book building process.

The company had issued 32.87 crore equity shares of Rs 10 each in the price band of Rs 160-190.

According to NSE data, a majority of the bids were received at the lower end of the price band.

There were rumours that the book building may be extended as the subscriptions to the issue were below market expectations. However, officials of the company and lead managers to the issue said that there would not be any such extension.

Mr David Nisbet, Head of Group Communications, said that the market rumours were false.

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