Electrosteel Steels melts down on debut

2535 Investors following Electrosteel In. Share this News with them.

0

Like this story, share it with millions of investors on M3

Electrosteel Steels melts down on debut

Electrosteel Steels, a subsidiary of Electrosteel Group, debuted just above its issue price of Rs 11 and touched a high of Rs 11.85 in early trade.

Post your opinion here

 

0

Tweet

Share on Tumblr

Electrosteel St BSE | NSE 23/05/12 Are Mutual Funds betting on Electrosteel St?

Electrosteel Steels , a subsidiary of Electrosteel Group, debuted just above its issue price of Rs 11 and touched a high of Rs 11.85 in early trade. However, an immediate sell-off forced it to hit a low of Rs 9.35 a share.

At 9:24 hours IST, a share was trading at Rs 10.80, down 1.82%, with volume of 5.3 crore equity shares on NSE.

Electrosteel Steels, a subsidiary of Electrosteel Group, has raised Rs 248.07 crore via initial public offering of 22,55,16,188 equity shares. A price band was at Rs 10-11/share.

It is promoted by ElectroSteel Casting (ECL) to setup a 2.2 MTPA integrated steel and ductile iron spun pipes project in Jharkhand, India. The company intends to use issue proceeds for this project as well as for margin money towards bank guarantees.