Indostar Capital Finance closes up 2% on Day 1 despite weak market conditions
Non-banking finance company IndoStar Capital Finance share price settled higher at Rs 585 on the National Stock Exchange despite weak market conditions on Monday.
The stock added 2.27 percent gains over the issue price of Rs 572, but did not break its offer price level.
It opened at Rs 600.60 on the exchange, and hit an intraday high of Rs 606.80 and low of Rs 579.10 on the NSE.
On the BSE, the stock price closed up 2.36 percent at Rs 585.50 after hitting a day’s high of Rs 606.30 and low of Rs 578.50.
The Rs 1,844-crore initial public offer was subscribed 6.8 times during May 9-11.
The non-banking finance company will use its fresh issue proceeds for augmenting capital base to meet future capital requirements while money raised through offer for sale will go to selling shareholders.
IndoStar Capital Finance offers structured term financing solutions for corporates, and loans to small and medium enterprise (SME) borrowers in India. It has recently expanded its portfolio to offer vehicle finance and housing finance products.
The 30-share BSE Sensex was down 232.17 points at 34,616.13 while the 50-share NSE Nifty shed 79.70 points to close at 10,516.70.