C Mahendra Exports closes with 1.5% premium on Day 1

Equity shares of diamond jewellery player C Mahendra Exports saw mild response from traders, closed at Rs 111.60, with small premium of 1.45% over an issue price of Rs 110 a share on National Stock Exchange.

The stock touched an intraday high of Rs 121, after opening at Rs 114. Total traded volume on both exchanges was three times to 478,10,817 equity shares as against issue size of 150 lakh shares. On Bombay Stock Exchange, a share settled at Rs 110.85, after hitting a high of Rs 120.90 and low of Rs 110 during the day. The company raised Rs 165 crore through issue of 1.5 crore equity shares, which will be used for setting up of a diamond processing unit at Gujarat Hira Bourse, SEZ, Ichchhapore, Surat; setting up a jewellery manufacturing unit at Mumbai; setting up retail outlets; brand development expenses and investment in capital of C Mahendra BVBA.