Friday, December 14, 2007

Kaushalya Infra settles with 35.50% premium on NSE

Shares of Kaushalya Infrastructure Development Corporation (KIDCO), a diversified infrastructure development company, after listing on bourses today, settled with 35.50% premium on the National Stock Exchange (NSE).

Shares opened at a premium of Rs 19, or 31.67%, at Rs 79 as compared with the issue price of Rs 60 a share. It touched a high of Rs 84.80 and a low of Rs 59. Shares finally closed with a premium of Rs 21.30, or 35.50% at Rs 81.30. Total volume of shares traded was 38,434,217, while the total turnover was Rs 3,033.23 million.

As a part of its expansion plans, KIDCO will mainly utilize funds for acquisition of land, land development rights & real estate development (Rs 175 million), investment in BOT/BOOT projects and joint ventures (Rs 120 million) and for the purchase of capital equipments comprising construction & infrastructure equipments for execution of projects (Rs 50 million).

KIDCO was originally incorporated in 1992, is engaged in infrastructure development projects involving construction and maintenance of roads and highways, construction of bridges, erection of transmission lines and electrification projects, construction of commercial and residential complexes and also operates a Hotel in Jhargram. The company has executed several projects in a span of six years and is currently engaged in 16 projects mostly in the eastern part of the country, a potential area for infrastructure development.

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