Gayatri Projects Limited, an ISO 9001 - 2000 certified company engaged in execution of major Civil Works including Roads and Highways, Irrigation Canals, Concrete/Masonry Dams, Ports, etc, got listed on Bombay Stock Exchange (BSE). The stock opened at Rs. 333, up 12.88% over the issue price of Rs. 295/- a share. It hit a high of Rs. 348 and low of Rs. 293.4, before closing at Rs. 298.85 on BSE. The stock saw a combined volume of 4.68 mn on the BSE
The issue which opened for subscription September 26, 2006 and closed on September 29, 2006 received an overwhelming response. The issue received applications for 11483200 equity shares from Qualified Institutional Buyers (QIBs), applications for 933060 equity shares from Non Institutional Investors, applications for 3971058 equity shares in the Retail Individual Investors category and applications for 100380 equity shares from employees.
Gayatri Projects Ltd had entered the capital market with an initial public offer of 29, 00,000 equity shares of Rs.10 each for cash at a premium to be decided through the book-building process. The issue comprised offer for sale of 19, 00,000 equity shares and a fresh issue of 10, 00,000 equity shares. The offer for sale was made by Videocon Appliances Limited and Videocon Industries Limited. The company had also reserved 1, 00,000 equity shares for allotment to eligible employees. The offer constituted 29% of the post issue paid up capital of the company.
