Moneycontrol Bureau
Shares of InterGlobe Aviation rose 7 percent intraday on Wednesday. The one day old stock on Dalal Street saw strong buying action in the special Muhurat trading to mark Hindu New Year 2072. The promoter company of IndiGo Airlines ended at Rs 923.40, up Rs 44.95, or 5.12 percent, touching intraday high of Rs 936.80 on the BSE.
On its debut day (Tuesday), the stock had taken home 15 percent gains at closing. The stock had opened at Rs 868 per share on the NSE, up 13 percent from issue price. On an intraday basis, the stock jumped 18 percent.
The public issue was priced at Rs 700-765, which raised Rs 3010 crore from IPO.
Proceeds from fresh issue will be used to retire certain outstanding lease liabilities and consequent acquisition of aircraft Rs 1165.6 crore, purchase of ground support equipment for airline operations. The company proposes to deploy an aggregate amount of Rs 33.4 crore towards purchase of certain ground support equipment for airline operations, such as ramp coaches, tractors, ground power units and push-backs.Posted by Nasrin SultanaFollow @NasrinzStory
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