Pradip Overseas debuts with Rs 120 a share
The shares of textile maker Pradip Overseas made debut today at the Bombay Stock Exchange with premium of Rs 10 and listed at Rs 120.
The shares rose 2.54 per cent and were trading at Rs 112.80 after touching a high of Rs 123 and low of Rs 111.10. The listing witnessed the volume of 61,76,777 shares.
On the National Stock Exchange (NSE) the shares of the company were trading at Rs 115.40 after touching a high of Rs 122.70 and a low of Rs 110. The volume on the NSE was about 67,00,914 shares.
The company raised about Rs 116.6 crore from the issue which it will use for meeting working capital requirements and for investing in a manufacturing facility. The company expects Rs 20-25 earnings per share in the financial year on sales of Rs 2,000 crore and Rs 2,500 crore in the financial year 2012.