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Oct 20, 2011, 11.42 AM IST
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.
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.
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