C Mahendra Exports lists at Rs 114; rises 8%

Diamond jewellery player C Mahendra Exports' shares opened at Rs 114, a premium of Rs 4 over issue price of Rs 110 on National Stock Exchange. At 9:36 hours IST, a share was trading at Rs 118.70, up 7.91% after hitting a high of Rs 121 in early trade.

On the Bombay Stock Exchange, the stock started at Rs 111 and touched a high of Rs 120.90 & low of Rs 110. It was trading at Rs 117.05 as against issue price. Total traded volume on both exchanges in initial trade was at 98,02,173 equity shares while issue size was at 150 lakh shares. 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. Group is an integrated diamond and diamond jewellery player encompassing sourcing of rough diamonds, trading of rough and polished diamonds, processing of diamonds and manufacture of diamond jewellery. For more, click on attached video