By G Chakravorthy/Bloomberg
Mumbai: Shares of Advanta India Ltd., an Indian producer of agriculture seeds, rose 3% on 19 April, its first day of its trading on the BSE.
The shares rose as much as Rs348 and traded at Rs983.5, or 54% higher than their sale price at 10:14 a.m. local time in Mumbai.
Bangalore, India-based Advanta last month raised Rs219 crore ($52 million) from an initial sale of 3.38 million shares at Rs640 apiece.
India’s central bank barred overseas investors on 18 April from buying more shares of Advanta after their ownership reached the limit of 24%.
The unit of United Phosphorus Ltd prior to its initial sale, raised Rs1.05 billion selling shares to overseas investors, including Morgan Stanley Dean Witter Mauritius Co., Matterhorn Ventures, Citigroup Global Market (Mauritius) Ltd, Emerging Markets South-Asian Star Fund and Deutsche Securities Mauritius Ltd, according to documents submitted by Advanta.