Prakash Constrowell , a construction company, surged 12% to Rs 155 in the early trade as against issue price of Rs 138 a share.
The stock has managed to hold the issue price. It has touched a low of Rs 140.10 after opening at Rs 147.20. Traded volume was more than 30 lakh shares on the National Stock Exchange.
The company is engaged in the business of infrastructure development and civil construction.
Prakash Constrowell raised Rs 60 crore through the public issue of 43,47,826 equity shares. It intends to use issue of the proceeds for working capital requirement (of Rs 35 crore), investment in construction equipments (of Rs 9.3 crore) and investment in subsidiaries (of Rs 2.35 crore).
