SEL Manufacturing lists below issue price

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SEL Manufacturing lists below issue price

SEL Manufacturing Company has started the day below its issue price of Rs 90, at Rs 87.90 and touched a low of Rs 80 on the back of some profit booking but still managed to hold above its issue price of Rs 90 per share.

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SEL Manufacturi BSE | NSE 25/05/12 Are Mutual Funds betting on SEL Manufacturi?

SEL Manufacturing Company has started the day below its issue price of Rs 90, at Rs 87.90 and touched a low of Rs 80 on the back of some profit booking but still managed to hold above its issue price of Rs 90 per share.

The share was quoting at Rs 90.45, with volumes of 8,89,953 shares on the BSE, at 10:02 am.

On the NSE, the stock was trading at Rs 90.80, up 0.89%, with volumes of 11,03,464 shares. It has touched high/low of Rs 95 and Rs 88, respectively. The turnover stood at Rs 9.96 crore.

The company had entered capital markets with an initial public offering (IPO) of 41,38,410 equity shares of Rs 10 each through 100 per cent book-building process at a price band between Rs 80 and Rs 90 per equity share and raised Rs 37.25 crore at Rs 90, higher end of the price band.

The vertically integrated textile company intends to expand its spinning capacity to 74,256 spindles, knitted fabrics to 7,050 tonnes per annum and garments to 7.5 million pieces per annum with capital raised from the IPO. Exim Bank has sanctioned a term loan of Rs 25 crore million towards the expansion project.

Total income of SEL increased from Rs 67 crore in the financial year 2006 to Rs 182 crore in 2007.