Mumbai: Shares in Globus Spirits Ltd on Wednesday opened almost 10% higher from its initial public offer price of Rs100 a share on the Bombay Stock Exchange.
At 9:58am, the shares were trading at Rs110.80, up 10.8% but off a high of Rs111.30. They were trading on volumes of 1.1 million shares.
The maker of Indian made foreign liquor raised about Rs750 million through its 7.5-million share issue.
The issue constituted about 38% of the fully diluted post issue paid up capital, the company said in its prospectus.
The proceeds will be used to modernise and expand facilities at Rajasthan and Haryana, develop and acquire brands and to revamp its storage and bottling facility, it added it its prospectus.