Mumbai: Manufacturer of pigments and agro-chemicals, Meghmani Organics, got listed on 28 June at Rs33.25 on the bourses, with a premium of 75% over its issue price.
Within minutes of listing the scrip of the company touched a high of Rs34 and over 5.34 million shares exchanged hands on the Bombay Stock Exchange (BSE).
The scrip later shed some gains and was trading at Rs28.60 at 9:57am on BSE.
On the National Stock Exchange (NSE) Meghmani opened at the same price as on the BSE (Rs33.25) and over 6 million shares exchanged hands. The scrip was trading at Rs30 at 9:57am on NSE.
Meghmani Organics entered the bourses with 254,314,211 equity shares at an issue price of Rs19 a share.
The issue proceeds would be used for financing a new pigment plant at Vatva, near Ahmedabad, and a multi-purpose agro-chemicals plant at Panoli, near Mumbai.
Besides, the company would also use the fund raised through the issue for investment in subsidiary Meghmani Energy, finance a captive power plant at Chharodi (near Ghandhinagar) and other working capital requirements.