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Power Mech Projects falls over 8%, closes at Rs 586.55

Power Mech Projects, a power infrastructure services company, closed at Rs 586.55, down 8.35 percent compared to issue price of Rs 640 on the National Stock Exchange.

August 26, 2015 / 05:22 PM IST
 
 
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Moneycontrol Bureau


Power Mech Projects, a power infrastructure services company, has a subdued listing amid weak market condition on Wednesday. The stock closed at Rs 586.55, down 8.35 percent compared to issue price of Rs 640 on the National Stock Exchange.


It opened at Rs 600, down more than 6 percent compared to issue price and hit an intraday high of Rs 663 & low of Rs 580.


The company's Rs 273-crore IPO opened for subscription during August 7-11. It will utilise its issue proceeds for expanding presence globally and working capital requirements.


Power Mech is engaged in three business verticals, including erection, testing and commissioning of boilers, turbines and generators and balance of plant (BOP) for power sector, operation and maintenance and civil works which include construction jobs for the main plant and BOP requirements.

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Posted by Sunil Shankar Matkar

first published: Aug 26, 2015 05:22 pm

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