Business Daily from THE HINDU group of publications
Tuesday, Nov 28, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Nov 28, 2006 ePaper |
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Markets
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IPOs Our Bureau
Mumbai , Nov. 27 The stock of Lanco Infratech, an infrastructure development company with interests in power, construction and property development, made a debut on the bourses at Rs 270, at a premium of 12.5 per cent to the issue price of Rs 240. At the BSE, the stock touched an intra-day high of Rs 275 and low of Rs 239.55 before closing at Rs 241.40. The stock touched an intra-day high at Rs 290 on the NSE before settling at Rs 241.40. The public issue of the company was oversubscribed 11.88 times. The company entered the capital markets with an initial public issue of 4.44 crore equity shares of Rs 10 each at a premium to be decided by the book building process. The company plans to use the proceeds for capitalising its power and property subsidiaries. Part of the issue proceeds will go into the equity of Nagarjuna power project, payment for acquisition of 13.3 per cent stake in Aban power and payments to Globeleq for acquiring its 25.1 per cent equity stake in Lanco Kondapalli, an independent power project located near Vijaywada.
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