Mumbai: Electrosteel Steels today made a handsome debut on the Bombay Stock Exchange, opening at Rs12.35, or over 12% up from its issue price of Rs 11, reports PTI. On the National Stock Exchange, however, the opening was quite different at Rs11.15, or just 1.36%. In terms of volume about 14.60 crore shares were traded on the bourses in early trade.
The subsidiary of Electrosteel Group had raised Rs248.07 crore through an initial public offer of over 225 million shares in a price brand of Rs10-11 a share.
Electrosteel Steels is promoted by Electrosteel Castings and the company will use the funds raised to part finance a 2.2 MTPA integrated steel and ductile iron spun pipes project in Jharkhand. The proceeds will also be used for margin money towards bank guarantees and some general corporate purposes.
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