Reliance Spinning Mills' IPO for a mutual fund has been oversubscribed by 18 times.

The company had allocated 5 percent, or 57,798 units, of the 1,155,960 units allocated for public issuance for mutual funds. Of this, 924,768 units have been applied for, which is 18 times more than the demand.

45 mutual fund schemes had applied to receive the 57,798 units issued by Reliance. Shares have been distributed to 41 of them.

Out of the required amount of 47,440,598, Rs 759,049,574 was collected. The excess amount of Rs 711,168,976 has to be returned.

The company had issued 115,596 units of shares on Monday for investors who had gone for foreign employment. By the stipulated period (Thursday), 36,082 applicants had applied for 2,01,470 units.

Reliance had issued 10 percent of the 1,155,960 units allocated for public offering to foreign employers. The company says that although it can be extended until 7 Poush if complete applications are not received within the stipulated period, the issuance period will not be extended if applications exceed demand. The company's share issuance and sale manager is Global IME Capital Limited.

The company's price per share is Rs 820.80. In accordance with the book building guidelines, the cut-off price was fixed at Rs 912 while allocating 770,640 units of shares to eligible institutional investors through the bidding system. After giving a 10 percent discount on the same price, the price per share has been fixed at Rs 820.80. Investors have applied for a minimum of 50 units and a maximum of 20,000 units.