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Nov 14, 2017 05:25 PM IST | Source: Moneycontrol.com

Khadim India closes with 8% discount at Rs 688.85 per share on market debut

Khadim India has settled the trade at Rs 688.85 per share on the National Stock Exchange against IPO price of Rs 750. During the day, it could not cross issue price.

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It was a bad debut for Khadim India, the footwear retailer, on Tuesday owing to weak market conditions. The stock price closed the session with 8.15 percent discount to issue price.

It has settled the trade at Rs 688.85 per share on the National Stock Exchange against IPO price of Rs 750. During the day, it could not cross issue price.

The stock touched an intraday high of Rs 739.65 and low of Rs 680, after opening at Rs 723.

On the BSE also, the share price closed at Rs 688.50 after hitting day's high of Rs 740 and low of Rs 677.30.

Khadim India's Rs 543-crore IPO was opened for subscription during November 2-6 and was subscribed 1.90 times.

The public issue comprised fresh issue of Rs 50 crore and an offer for sale of up to 65,74,093 shares by existing shareholders.

The net (fresh) issue proceeds would be used towards payment of loans and general corporate purposes.

Incorporated in 1981, Khadim India entered into retail business in 1993. At the end of June this year, it had 853 retail store outlets in different parts of the country.
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