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Jul 18, 2012, 04.40 PM IST
Shares of VKS Projects, an EPC contractor, clawed back above the issue price of Rs 55 in last couple of hours of trade after hitting a lower circuit of Rs 53.05 in early trade on Wednesday.
The stock hit an intraday high of Rs 56 in late trade, before closing at Rs 55.60, with a rise of just 1% over issue price. The Rs 55-crore public issue was opened for subscription during June 29-July 4, which 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. Company intends to use issue proceeds for 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.
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