Magnum Ventures on Thursday got listed at Rs 36.95 on the Bombay Stock Exchange with a premium of 23.16 per cent over its issue price of Rs 30.
Within minutes of listing, the scrip of the company touched an intra-day high of Rs 66.70 and as many as 35.11 lakh shares changed hands on the BSE.
On the National Stock Exchange, the scrip got listed at Rs 36.60, touched a high of Rs 66.90 and over 35.90 lakh shares were traded.
The scrip parted with some gains from its intra-day high and was trading at Rs 59.35 on BSE and at Rs 58.45 on NSE at 10.05 am.
The company got listed with over 3.76 crore equity shares at an issue price of Rs 30 each.
Magnum Ventures is engaged in trading and manufacturing of paper and now plans to enter the hospitality sector by setting up a 4-star business hotel at Sahibabad near Delhi at Rs 10.63 crore.
The proposed hotel would be fully operational by April 2009.
The company also plans to modernise its production facilities at its two paper units including replacement of plant and machinery at a cost of Rs 50 crore.