Manaksia ends with 4.7% premium

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

Manaksia , a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has ended the day with mild premium of 4.7% at Rs 164.70 as against its issue price of Rs 160. The stock has touched a high/low of Rs 212 in early trade on the NSE. Some profit booking during the day has pulled the stock below its issue price to hit a low of Rs 161.70.

It traded with volumes of 2,20,42,252 shares and the turnover was at Rs 394 crore.

It closed at Rs 168.10 on the BSE and traded with volumes of 1,22,02,270 shares on the BSE. The stock has touched a high/low of Rs 248.70 and Rs 161.55, respectively.

The company had come out with an initial public offering of 15,500,000 equity shares of Rs 2 each at a price band between Rs 140 and Rs 160 per equity share and subscribed 8.79 times. It has raised Rs 248 crore from this issue.

The company intended to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.