Kanohar Electricals Ltd. makes a strong debut on the bourses with scrip got listed at Rs 672.05 on the Bombay Stock Exchange, a 6.33 per cent premium to its issue price of Rs 632.00. On the National Stock Exchange, the stock was listed at Rs 685.50.
The company, which raised 1.67 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 167.05 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Sep 08 to Sep 10.
Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for (i) Purchase of new machinery and equipment for our manufacturing facility located in Gangol, Meerut, Uttar Pradesh (“Gangol Manufacturing Facility) for increasing our transformer manufacturing capacity, expanding and automating our backward integration facilities and enhancing operational efficiency(ii) Civil construction and interior development of an office building at our Gangol Manufacturing Facility(iii) Enhancing our sustainability initiatives by (a) setting up of solar power plants at our manufacturing facility located in Rithani, Meerut, Uttar Pradesh (“Rithani Manufacturing Facility, and together with the Gangol Manufacturing Facility, the “Manufacturing Facilities) and Gangol Manufacturing Facility, and (b) purchasing electric trucks and forklifts (together, “Electric Vehicles) for handling and movement at our Gangol Manufacturing Facility (collectively, the “Capital Expenditure Requirements) Funding incremental working capital requirements of our Company General corporate purposes.
IIFL Capital Services Limited,Nuvama Wealth Management Ltd. as lead managers & MUFG Intime India Pvt. Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 74,003.82, down 777.94 points, or 1.04 per cent.