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M and B Switchgears fails to hold issue price on debut
Transformer manufacturer M and B Switchgears opened with 2% gap up at Rs 190 as against issue price of Rs 186 per share. However, the stock failed to hold the issue price in the early trade itself.
Transformer manufacturer M and B Switchgears opened with 2% gap up at Rs 190 as against issue price of Rs 186 per share. However, the stock failed to hold the issue price in the early trade itself. At 9:44 hours IST, the stock was trading at Rs 166, down 10.75% on the National Stock Exchange.
Total traded volume on both exchanges was more than 36 lakh equity shares as against issue size of 50 lakh shares.
M and B Switchgears is engaged in manufacturing distribution, power, furnace and special purpose transformers.
The company had planned to use funds (Rs 93 crore) for setting up new grid connected 4 MWp solar photovoltaic power plant at Gagorni village, Rajghar district in Madhya Pradesh.
