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Prakash Constrowell closes 66.67% higher on debut
Investors in the public issue by Prakash Constrowell had a virtual bonanza on day one of listing on the stock exchanges here on Tuesday and gained 66.67% at close even when the overall market conditions were not favourable.
Investors in the public issue by Prakash Constrowell had a virtual bonanza on day one of listing on the stock exchanges here on Tuesday and gained 66.67% at close even when the overall market conditions were not favourable.
The equity shares of this Nasik-based construction company opened on NSE at Rs 147.20 as against the issue price of Rs 138 per equity share, and after an initial fall to Rs 112.25, the share virtually jumped to Rs 245 intra-day before closing for the day at Rs 230, bringing a net gain of Rs 92 per share or 66.67% on the very first day.
The total volume of business on both the exchanges reached 55.79 million equity shares.
The company had entered the capital markets on 19th September 2011 with a public issue of Rs 60 crore in the price band of Rs 130 to Rs 138.
Prakash Constrowell is predominantly engaged in the business of infrastructure development and civil construction. The company proposes to utilize the net proceeds of the issue to meet working capital requirement, investment in construction equipments and investment in subsidiaries in addition to meet the general corporate purposes and public issue expenses.
