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M and B Switchgears closes with 71% premium
M and B Switchgears showed stellar performance in the last couple of hours of trade on Day 1, surging as much as 91% to touch an intra-day high of Rs 356 a share on the National Stock Exchange. However, the stock traded below issue price of Rs 186 a share since the initial trade today.
M and B Switchgears showed stellar performance in the last couple of hours of trade on Day 1, surging as much as 91% to touch an intra-day high of Rs 356 a share on the National Stock Exchange. However, the stock traded below issue price of Rs 186 a share since the initial trade today.
A share rallied 71%, to close at Rs 318.40. Its intra-day low was Rs 121.05, a fall of 35% from issue price.
Traded volume on both exchanges was more than 6 crore equity shares - 12 times higher than issue size of 50 lakh shares.
Total issue of 50 lakh shares was allotted to 3 FIIs (50% of issue) and 3950 individuals.
M and B Switchgears is engaged in manufacturing distribution, power, furnace and special purpose transformers.
The company raised Rs 93 crore through the issue for setting up new grid connected 4 MWp solar photovoltaic power plant at Gagorni village, Rajghar district in Madhya Pradesh.
