Mumbai: Porwal Auto Component on Monday got listed with 6.47% premium at Rs79.85 on the Bombay Stock Exchange.
The scrip opened at Rs79.85, touched a high of Rs120 and over 26.61 lakh shares changed hands on the BSE.
It later parted with some gain and was trading at Rs89.50 at 10.18 am on the BSE.
Porwal Auto Component Ltd (PACL) listed over 1.51 crore shares at an issue price of Rs75 on the bourse.
The company is planning to utilise the issue proceeds to expand the manufacturing capacity of SG and CI casting from 6,600 MT per annum to 27,600 MT per annum.
The company also proposes to set up a wind mill for captive consumption.
PACL is engaged in the manufacturing of SG (Ductile) iron castings and components primarily for automobile sector. PACL has its manufacturing facilities at Indore, Madhya Pradesh, which hosts manufacturing facilities of Eicher Motors, Kinetic Motors and Force Motors Ltd.