Mumbai: Suryachakra Power Corporation got listed on 23 July at Rs30, a premium of 50% over its issue price of Rs20.
Within minutes of listing over 3.99 million shares exchanged hands on the Bombay Stock Exchange. The scrip later parted with some gains and was trading at Rs21.85, at 10am on BSE.
The company entered the bourses with 76,632,960 equity shares at an issue price of Rs20 each.
Funds raised from the initial public offer will be used to part-finance the two 10MW power plants being set up in Parbhani and Amravati in Maharashtra by its subsidiary MSM Energy.
Two more renewable energy-based power plants of 9.8MW each are being set up in Chhattisgarh by SPCL’s other two subsidiaries — Lahari Power and South Asian Agro.