VKS Projects hits lower circuit on Day 1

Immediately after the opening, the stock fell below the issue price, hitting a lower circuit of Rs 53.05.

The company had launched its public offer during June 29-July 4 and managed to get fully subscribed on final day.

VKS Projects is engaged in the business of undertaking EPC contracts of CS/SS/alloy steel turnkey piping, civil land development, industrial / commercial infra projects, structural fabrication and erection of equipments, fire fighting projects and commissioning of chemical plants.

The proceeds raised through this Rs 55-crore public issue are proposed to be deployed to meet long-term working capital requirements besides financing the procurement of construction equipment and key machineries and the setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad.