Mumbai: Railway wagon manufacturer Titagarh Wagons Monday got listed at Rs550 on the Bombay Stock Exchange with a marginal premium over its issue price of Rs 540.
Within minutes of listing, the scrip of the company touched a high of Rs706 and over 10.47 lakh shares exchanged hands on the BSE.
Similar movement was witnessed on the National Stock Exchange, where the scrip got listed at Rs540, and then went ahead to touch an a high of Rs704.80.
The scrip pared initial gains and was quoted at Rs673.20 on BSE and at Rs693 on NSE at 1011 hrs.
Titagarh Wagons plans to utilise the proceeds of the issue for various corporate purposes, including setting up an EMU manufacturing facility at its Uttarpara unit, modernising and expanding its existing facilities at Titagarh and Uttarpara.
Besides, the funds raised through this offer would also be used for setting up an assembly facility at Uttarpara unit, strategic acquisition or investments and brand building exercise.