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Bharatiya Global plunges 65.5% on debut
It was a disappointing session for Bharatiya Global Infomedia as investors as well as traders pulled the stock below its issue price – that was since the opening trade today.
It was a disappointing session for Bharatiya Global Infomedia as investors as well as traders pulled the stock below its issue price - that was since the opening trade today.
The stock closed at Rs 28.30 on the National Stock Exchange, with a sharp cut of 65.49% compared to issue price of Rs 82 a share. It saw an intra-day low of Rs 26.10 and high of Rs 83.
Total traded volume on both exchanges was more than 8.8 crore shares, which was 13 times higher than issue size of 67.2 lakh equity shares. On the BSE, the stock shut shop at Rs 30.95.
Company is engaged in the business of information technology based solutions-RFID & smart card and digital post production studio.
Bharatiya Global raised Rs 55.10 crore, which will be used for setting up of corporate office at Noida & branch office at Mumbai; upgradation of digital post production studio & investment in IT division; expansion of R&D technology centre; repayment of bank borrowings; and long term working capital requirements.
