Three firms – Central Bank of India, SEL Manufacturing and Sujana Towers – which made its debut on the Bombay Stock Exchange today, got listed at Rs 130.10, Rs 87.90 and Rs 122.20 respectively.
Shares of Central Bank of India opened at Rs 130.10, with a premium of 27.54 per cent over its issue price of Rs 102.
Within minutes of listing, the bank’s scrip touched a high of Rs 132 and over 21.98 lakh shares exchanged hands.
It got listed with over 40.41 crore equity shares at an issue price of Rs 102 each. The initial public offer of the bank was subscribed around 62 times.
Proceeds of the issue would be utilised for upgrading technology, HRD and to augment the capital base of the bank to meet future capital requirements arising out of the implementation of new risk provisioning norms (Basel II).
Meanwhile, shares of SEL Manufacturing Company got listed at Rs 87.90 with 2.33 per cent discount over its issue price.
Scrip of the firm touched a high of Rs 93.90 and over 8.11 lakh shares got traded. SEL Manufacturing got listed with over 1.52 crore shares at an issue price of Rs 90 per share.
Similarly, Sujana Towers debuted after a scheme of arrangement and got listed at Rs 122.20 on BSE and more than 46,000 shares exchanged hands.
The company listed with over 3.89 crore shares of Rs 5 each issued to shareholders of Sujana Metal Products (SMPL).
Pursuant to a scheme of arrangement between SMPL, Sujana Towers (STL) and their respective shareholders, the towers division of SMPL got demerged and from the parent company and then merged with STL.
Accordingly, STL issued over 3.88 crore shares to the shareholders of SMPL in 1:1 ratio, wherein one share of Rs 5 each was alloted for every share of Rs 10 each held in SMPL.