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Cobra maker SH Kelkar debuts at Rs 216, rises 25%

Shares of Fragrance maker SH Kelkar & Company have seen strong buying interest on listing day. The stock has opened at Rs 216 on the National Stock Exchange, up 20 percent over its issue price of Rs 180.

November 16, 2015 / 09:08 PM IST
 
 
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Moneycontrol Bureau


Shares of Fragrance maker SH Kelkar & Company have seen strong buying interest on listing day. The stock has opened at Rs 216 on the National Stock Exchange, up 20 percent over its issue price of Rs 180. Its price stood at Rs 223.70 in pre-opening session.


It touched an intraday high of Rs 225.05 (up 25 percent over issue price) and low of Rs 203.


On the BSE, the stock has opened at Rs 222, up 23.3 percent. It has touched an intraday high of Rs 222.70 and low of Rs 202.80.


The Rs 508-crore initial public issue, which oversubscribed 27.08 times, was opened for subscription during October 28-30.

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Out of total issue, the company raised Rs 210 crore by issuing fresh shares while the US-based private equity firm Blackstone garnered Rs 290 crore by offloading its 10 percent stake in the company. In 2010, Blackstone had bought a 33 percent stake in the company for Rs 243 crore.

The company intends to use issue proceeds for repayment of loans and investment in subsidiary K V Arochem.

first published: Nov 16, 2015 10:07 am

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