Aster Silicates sees 364 bulk deals on day 1

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Aster Silicates sees 364 bulk deals on day 1

Shares of Aster Silicates, a manufacturer of sodium silicate has seen huge buying interest on day one on exchanges.

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Aster Silicates BSE | NSE 10/02/12 Are Mutual Funds betting on Aster Silicates?

Shares of Aster Silicates , a manufacturer of sodium silicate has seen huge buying interest on day one on exchanges. A share closed at Rs 214, up 81.36% over its issue price of Rs 118 on NSE, after witnessing an intraday high of Rs 241.90 and low of Rs 123.40.

The stock witnessed 364 bulk deals, including 241 deals on NSE and the balance 123 on BSE. Total traded volume was at 9.6 crore shares, which was 20 times more than its issue size. Total delivered quantity was seen at 41.3 lakh shares on Wednesday.

Aster is engaged in the business of manufacturing of sodium silicate which includes food grade sodium silicate, special drilling grade silicate and detergent grade silicate. It produces sodium silicate both in glass and liquid form.

Public issue of Rs 53.10 crore of the company was opened during June 24-28, which was subscribed 4.47 times, with zero application from QIB category. QIBs' reserved portion was of 22.5 lakh shares i.e. 50% of total issue.

Retail investors' portion was subscribed 3.89 times, in that 31.5 lakh shares were allotted to 14,980 applicants. Non-institutional investors' portion got subscribed 6.56 times, in which 13.5 lakh shares allotted to 79 applicants.

The price band was at Rs 112-118 per share. The company intends to use issue proceeds for expansion of manufacturing facilities and additional working capital requirements.