Belrise Industries shares rise 8% on debut despite weakness in leading indices
By : Sandhya
Pune-based automotive components manufacturer Belrise Industries' shares clocked a gain of over 8 percent on debut despite weakness in benchmark indices on May 28.
The stock opened at Rs 100 on the National Stock Exchange, rising 11.11 percent over the issue price of Rs 90, hitting an intraday high of Rs 102.4 and low of Rs 91.55, before finishing the trade at Rs 97.41, up 8.23 percent.
On the BSE, the stock settled at Rs 97.37, up 8.19 percent over the offer price.
In terms of volumes, the stock traded with 19.84 crore shares on the NSE and 2.01 crore shares on the BSE.
The company that specialises in precision sheet metal pressing and fabrication has raised Rs 2,100 crore through initial public offering last week at a price band of Rs 85-90 per share.
The IPO funds will be mainly utilised for repaying debt amounted to Rs 1,618.1 crore, and the remainder proceeds for general corporate purposes.