Pipavav hits floor with a premium of 3.54%

Pipavav hits floor with a premium of 3.54%

Mumbai: Private sector shipbuilder Pipavav Shipyard on Friday hit the floor with a premium of 3.54% on the Bombay Stock Exchange, over the issue price of Rs58 a piece.

Shares of Pipavav Shipyard opened 3.54% up at 60.05 on the Bombay Stock Exchange. Within minutes the scrip surged to a high of 4.70 and touched its low at 7.75.

On the National Stock Exchange the share opened at Rs61.10, up 5.34%, its highest. Later it dipped to Rs57.75.

The company entered the primary market with a total issue size of 8.54 crore shares at Rs58 a piece.

During the early morning trade a total of over 1.40 crore shares of Pipavav Shipyard changed hands on both the bourses.

It plans to use the proceeds for the construction of ship-building facilities, repair and offshore business and for general corporate purposes.

The company has reserved 600,000 shares for employees. 10091016 DELHI