Mumbai: Real estate player IVR Prime Urban Developers on 16 August dipped nearly 24% on its debut trade on the Bombay Stock Exchange and settled at Rs 418.15.
The company made its debut on a rough day as both BSE and NSE benchmark indices tumbled on panic selling by funds in line with global meltdown.
The Sensex tanked 642.70 points, while the National Stock Exchange fell by 191.60 points.
IVR Prime Urban Developers experienced a similar trend and witnessed an intra-day high of Rs500 and low of Rs388. Over 76.38 crore shares exchanged hands on BSE.
On the National Stock Exchange, the scrip witnessed an intra-day low of Rs385 and over 1.36 crore shares exchanged hands.
At the end of the day, shares of the company settled at Rs418.15 on BSE and at Rs417.90 on NSE.
Of the total issue proceeds, the company plans to deploy Rs334.7 crore to meet development and construction cost of its IT Park and a mall at Gochibowli (Hyderabad) and Rs57.3 crore for a project in Bangalore.
IVR proposes to utilise up to Rs147.1 crore and Rs41.9 crore for repaying its loan to parent company and Karnataka Bank respectively. Besides, it would use Rs85.7 crore to pay development right costs to IVRCL.
The company is developing four projects in Chennai and Visakhapatnam to build homes in the range of Rs18-20 lakh. It plans to replicate the model in other parts of India as well.