BCB Finance debuts with 8 percent premium
Mar 13 2012, 12:50 | By Moneycontrol.com
BCB Finance was the maiden listing on BSE SME exchange
Image: SME Mentor
The shares of BCB Finance, Mumbai based non-banking finance company, opened with 8% premium on listing day on BSE's SME Exchange. The opening price for the stock was at Rs 27 (a equilibrium price decided in pre-opening session) as against issue price of Rs 25.
The issue size was below Rs 250 crore, so the circuit limit for the stock is 5%. Accordingly, the stock can go down as much as Rs 25.70 while as high as Rs 28.35.
At 10:14 hours IST, the stock was trading at Rs 25.90 after hitting a lower circuit in early trade. It traded with volume of 44000 shares so far.
BCB Finance raised Rs 8.85 crore through public issue of 35.4 lakh equity shares.
It is a small & medium enterprise and is the first public issue listed on BSE' SME Exchange.
BCB Finance operates as a non deposit taking non-systemically important non-banking finance company (NBFC-NDNSI) engaged primarily in the business of advancing loans and investing/trading in securities.
Company said it would use issue proceeds for augmenting capital base and fund requirements for increasing operational scale with respect to NBFC activities (with an outlay of Rs 7.5 crore).
Bagri family, a promoter, reduced its stake to 69.22% from 100% via this issue.
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