A complete a flop show! Telecom tower infrastructure services provider Bharti Infratel has disappointed investors on listing day itself, falling nearly 13 percent to close at Rs 191.65 on the National Stock Exchange. The issue price is at Rs 210 for retail investors and Rs 220 for other investors.
The stock began trading below the issue price at Rs 200, which was 9 percent discount to IPO price and then fell as much as 14.25 percent to touch an intraday low of Rs 188.65.
During the first session, the stock could not see its issue price of Rs 220, which has a lower-upper circuit limit of Rs 160-240 a share fixed by the NSE.
It is a loss of Rs 18.35 per share in case of retail investors and Rs 28.35 in case of other investors. For the cornered investors (anchor investors), the loss comes to Rs 38.35 a share).
Total trading volume (including BSE and NSE) was more than 5 crore equity shares as against issue size of 18.89 crore shares.
The money (nearly Rs 3,200 crore) raised through fresh issue of shares are proposed to be used for installation of 4,813 new towers; upgradation & replacement on existing towers; and green initiatives at tower sites.
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