Shares of Mumbai-based Gammon Infrastructure Projects (GIPL), an infrastructure development company, after listing at a marginal premium of 1.79%, settled at a discount of 5.30% at the NSE on concerns over the valuation of the company.
Shares touched a high of Rs 185 and a low of Rs 147 during the day. It closed with a discount of Rs 8.85, or 5.30%, at Rs 158.15 as against issue price of Rs 167. Total volume of shares traded was 12,726,928 and the total turnover was Rs 2,021.8 million at the NSE.
GIPL was incorporated in April 2001 as Gammon Infrastructure (Q, N,C,F)* Projects and Investments. It subsequently changed its name to Gammon Infrastructure Projects in April 2002. The main shareholders of the company are Gammon India, and AMIF. GIPL undertakes and develops projects such as roads, bridges, ports, hydroelectric power and biomass power projects on a PPP basis through its special purpose vehicle companies.