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Saturday, April 3, 1999

KPIT mulls BSE, NSE listing 

Partha Pratim Sinha  
New Delhi Apr 2: After its dream debut on the Pune Stock Exchange at a premium of 340 per cent over its offer price of, KPIT Systems has now approached the Bombay and the National stock exchanges for listing. ``The formalities for listing on the two premier bourses is underway,'' said KPIT Systems chairman Ravi Pandit, adding that the listings will be of immense benefit to the shareholders. In addition he said that KPIT is committed to its shareholders. Even the refund orders subsequent to the recent IPO was despatched within 3 weeks from the close of the issue whereas companies sometime take months to refund the application amount. KPIT's maiden public offering was oversubscribed 42 times the initial offer of Rs 5.81 crore.

Meanwhile the company's shares will be listed on the Hyderabad and the Ahmedabad bourses during the next week. The company, prior to its initial public offering, had sought permission for listing on Pune, Hyderabad and Ahmedabad stock exchanges. ``It will take around four to five moremonths before our company gets listed on BSE and NSE,'' said Pandit. In case a company, during the time of its IPO, does not seek permission for listing on these exchanges, they usually take around four to five months time after the shares are listed on the regional stock exchange. The other important listing requirement, the Rs 10 crore market capitalisation level, is not a problem for KPIT. The company's scrip, on its very first day of listing on the Pune bourse, went upto a high of Rs 400 before closing at Rs 355. With a Rs Rs 5.16 crore equity base, this translated into a market capitalisation level of Rs 183.18 crore. At the current market price of Rs 325 on the Pune bourse, KPIT's market cap is pegged at Rs 167.7 crore.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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