Equity shares of Kerala-based V-Guard Industries got listed at the bourses today (Mar. 13, 2008).
Shares of the company got listed at a premium of 9.76%, at Rs 90, as against its issue price of Rs 82 a share on the National Stock exchange (NSE).
The scrip was last trading up at Rs 88. A total of 2,181,400 shares changed hands on NSE (10.01 a.m.). The scrip has hit a high of Rs 98.95 and a low of Rs 82.
V-Guard Industries is engaged in the manufacturing and marketing of electrical and electronic products. The initial public offering of the company received 2.70 times subscription. It decided to issue shares at a price of Rs 82 a share of Rs 10 each as against price band of Rs 80 to Rs 85 a share.
The capital raised from the issue will be deployed to set up cable manufacturing facilities in Coimbatore and Uttaranchal, enameling plant at Coimbatore, development plants for water heaters, fans and pumps at Himachal Pradesh and Coimbatore, service and distribution centers at Bangalore, Hubli and Vijaywada.