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VKS Projects, an engineering procurement and construction firm, today debuted with a gain of up to over 2 per cent against the issue price of Rs 55 per share.
On the National Stock Exchange, the shares opened at Rs 56.35, up 2.45 per cent compared to the issue price. Later, the scrip pared initial gains and was trading at Rs 54.80, down 0.36 per cent.
On the BSE, the scrip debuted at Rs 55.80, up 1.45 per cent from its issue price. Later, profit-booking dragged down the shares to Rs 53.05.
The company has raised Rs 55 crore through initial public offer (IPO). It has proposed to use the net proceeds of the issue to meet its long-term working capital requirements.
The funds will also be used for setting up of engineering design studio/office and training centre in Chennai, Kozhikode, Delhi, Hyderabad and Ahmedabad, among others.
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