Mumbai: Software major Tata Consultancy Services Ltd (TCS) today (Aug 7, 2004) fixed the issue price of its IPO (Initial Public Offering) at Rs 850 per share.

"The price of Rs 850 per share was fixed despite being oversubscribed at Rs 900 per share," TCS CEO S Ramadorai said in Mumbai.

The price band for bidding for initial public offering (IPO) was Rs 775-900 per share of face value of Rs One each. The book-built issue of Tata group company opened for bidding on July 29 and closed on August 5, 2004.

The IPO had received bids 10.3 times the issue size of 5.54 crore shares with over 13.5 lakh applications from retail investors.