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Aug 10, 2017 05:11 PM IST | Source: Moneycontrol.com

Jitters on D-St hit Security and Intelligence Services listing, stock down 7% on Day 1

The stock closed at Rs 757.05 on the National Stock Exchange, down 7.1 percent from its issue price of Rs 815.

Jitters on D-St hit Security and Intelligence Services listing, stock down 7% on Day 1

Moneycontrol News

It was a bad listing day for Security and Intelligence Services (India) as the stock started off trade on a positive note but caught in bear trap in afternoon due to weak market sentiment on Thursday.

The stock closed at Rs 757.05 on the National Stock Exchange, down 7.1 percent from its issue price of Rs 815.

It touched an intraday low of Rs 748.80 and high of Rs 879.80 after opening the trade at Rs 855 (up 5 percent).

The Sensex fell 375 points intraday on global jitters but managed to see some recovery in late trade and closed with a loss of 266 points.

Security and Intelligence Services raised Rs 780 crore through public issue that was opened for subscription during July 31-August 2 and oversubscribed 7 times.

The company will use fresh issue proceeds for repayment & pre-payment of a portion of certain outstanding indebtedness availed by company; funding working capital requirements; and general corporate purposes.

The initial public offering comprised of fresh issue of equity shares of up to Rs 362.25 crore and an offer for sale of up to 51.2 lakh equity shares.

The Security and Intelligence Services provides security services both in India and Australia. The portfolio of services includes security design and solutions, fire safety, event security, VIP protection, aviation security, emergency response, investigation work and integrated technology solutions providing man-tech solutions.
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