Three cos debut on BSE; Central Bank lists at Rs130

Three cos debut on BSE; Central Bank lists at Rs130


Mumbai: Three firms, Central Bank of India, SEL Manufacturing and Sujana Towers which made their debut on the Bombay Stock Exchange on 21 August, got listed at Rs130.10, Rs87.90 and Rs122.20 respectively.

Shares of Central Bank of India opened at Rs130.10, with a premium of 27.54% over its issue price of Rs102.

Within minutes of listing, the bank’s scrip touched a high of Rs132 and over 21.98 lakh shares exchanged hands.

It got listed with over 40.41 crore equity shares at an issue price of Rs102 each. The initial public offer of the bank was subscribed around 62 times.

Proceeds of the issue would be utilised for upgrading technology, HRD and to augment the capital base of the bank to meet future capital requirements arising out of the implementation of new risk provisioning norms (Basel II).

Meanwhile, shares of SEL Manufacturing Company got listed at Rs87.90 with 2.33% discount over its issue price.

The firm’s scrip touched a high of Rs93.90 and over 8.11 lakh shares got traded. SEL Manufacturing got listed with over 1.52 crore shares at an issue price of Rs90 per share.

Similarly, Sujana Towers debuted after a scheme of arrangement and got listed at Rs122.20 on BSE and more than 46,000 shares exchanged hands.

The company listed with over 3.89 crore shares of Rs5 each issued to shareholders of Sujana Metal Products (SMPL).

Pursuant to a scheme of arrangement between SMPL, Sujana Towers (STL) and their respective shareholders, the towers division of SMPL got demerged and from the parent company and then merged with STL.

Accordingly, STL issued 3.88 crore shares to the shareholders of SMPL in 1:1 ratio, wherein one share of Rs5 each was alloted for every share of Rs10 each held in SMPL.