Shares of Interarch Building Products surged over 7 percent in trade on September 5 after the company inaugurated a new manufacturing plant in Andhra Pradesh. The said plant is the fifth manufacturing unit set up by the company, worth a total investment of Rs 95 crore.
At noon, shares of Interarch Building Products were trading at Rs 1,210.40 on the NSE.
The company inaugurated the first phase of the plant which covers 4 acres of the plot and has been built at an investment of Rs 40 crores. The investment for phase 1 of the manufacturing unit was funded by internal accruals and is aimed at increasing Interarch’s installed capacity by 20,000 MT per annum. Along with that, the unit has also generated employment opportunities for approximately 250 people.
The second phase of the plant will span across an area of 6 acres and take the company’s installed capacity by 40,000 MT, increasing the overall capacity to 2 lakh MT per annum.
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The total plant area of phase 2 is likely to be commissioned over the next 7-8 months, at an approximate cost of 57 crores, funded through IPO proceeds.
The company made its stock market debut just last week, when it listed at Rs 1,299 apiece, a premium of over 44 percent over its issue price of Rs 900. Following its listing, the stock witnessed some profit booking as of the previous closing price and fell nearly 15 percent from its listing price.
The company raised Rs 2,000 crore from its public offer. It specialises in pre-engineered buildings (PEBs), and offers two key services: turnkey PEB contracts, covering everything from design to on-site installation, and the sale of PEB products like metal ceilings, corrugated roofing, steel structures, and light gauge framing systems.
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