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PNC Infratech closes 4.6% lower on Day 1

Shares of PNC Infratech lost 4.6 percent on Tuesday, the first day of trade on exchanges. The stock closed at Rs 360.50 against issue price of Rs 378 on the National Stock Exchange.

May 26, 2015 / 05:50 PM IST
 
 
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Moneycontrol Bureau


Shares of PNC Infratech lost 4.6 percent on Tuesday, the first day of trade on exchanges. The stock closed at Rs 360.50 against issue price of Rs 378 on the National Stock Exchange.


It rallied as much as 2.4 percent to Rs 387 (day's high) in opening trade but could not sustain those gains for long. It touched an intraday low of Rs 346.40, down 8.4 percent.


PNC Infratech, infrastructure construction, development and management company, raised more than Rs 480 crore through the issue. Funds will be utilised for working capital requirements, investment in subsidiary (PNCRHPL) for projects, investment in capital equipment, repayment/ prepayment of certain indebtedness and funding expenditure for general corporate purposes.

The 1.29 crore equity shares issue was opened for subscription during May 8-12.

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first published: May 26, 2015 05:50 pm

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