Tulip Fixes Share Price at Rs 120

Tulip IT Services which entered the capital market with a public issue of
90,00,000 equity shares of Rs 10 each for cash within a price band of Rs 100 to
120, has fixed the issue price at Rs 120. The issue, which opened on December 9
and closed on December 15, 2005, received an overwhelming response and was
oversubscribed by more than 25 times. Over 90% of the bids were received at the
top end of the price band at Rs120. The book running lead managers to the issues
were Karvy Investor Services and Yes Bank.

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