The FPO of Tata Steel Ltd. has been oversubscribed by six times. The 34.77 billion rupees ($762.5 million) public offering has become a success as it has pulled a huge amount from the investors. Friday was the final day of the subscription and the investors have shown a great confidence in the Indian steelmaker.

The FPO from Tata Steel has become a success as it has pulled a huge amount from the investors.

The rules that investors must pay the entire proposal amount are the reason for most of investors waited to submit their offer until the final day of a public issue.

The confidence of Tata Steel's management will be increased by capacity as investors believe in the world's seventh-largest steelmaker, which was burdened with $10.7 billion of net debt as of Sept. 30. There might be a reduction in the share sale as it proceeds. The FPO was offered at a price range of 594-610.

On Wednesday, 48.68 million shares were issued. In return it has received 290.67 million shares bids i.e. of 5.97 times the shares on offer as shown by the National Stock Exchange at 1130 GMT.