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Railtel Corporation of India Ltd. makes a strong debut on the bourses with scrip got listed at Rs 104.60 on the Bombay Stock Exchange, a 11.27 per cent premium to its issue price of Rs 94.00. On the National Stock Exchange, the stock was listed at Rs 0.00.
The company, which raised 8.72 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 871.53 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Feb 16 to Feb 18.
Following a strong opening, the scrip touched an intraday high of Rs 125.50 and a low of Rs 104.60, before closing the session up by 29.14 per cent to its listing price at Rs 121.40 on the BSE.
The company anticipates using the proceeds of the issue for (i) to carry out the disinvestment of [] Equity Shares by the Selling Shareholder constituting []% of the Company’s paid up Equity Share capital the Company; and (ii) to achieve the benefits of listing the Equity Shares on the Stock Exchanges the Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling ShareholderOffer related expensesThe total expenses of the Offer are estimated to be approximately Rs [] million The expenses of the Offer include, among others, fees payable to the BRLMs and legal counsel, fees payable to the Statutory Auditors, brokerage and selling commission, underwriting commission, commission payable to Registered Brokers, SCSBs’ fees, Registrar’s fees, printing and distribution expenses, legal expenses, statutory advertisement expenses and marketing expenses, registrar and depository fees, listing fees and all other expenses for listing the Equity Shares on the Stock Exchanges.
SBI Capital Markets Limited,IDBI Capital Markets & Securities Limited,ICICI Securities Ltd as lead managers & KFIN Technologies Pvt. Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 49,099.99, down 1,939.32 points, or 3.79 per cent.
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