New Delhi, Aug 23 Shares of cement manufacturer Nuvoco Vistas Corporation Ltd made a weak debut on bourses, with its shares falling over 7 per cent..
PTI
August 23, 2021 / 10:16 PM IST
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Shares of cement manufacturer Nuvoco Vistas Corporation made a weak debut on bourses, with its shares falling over 7 percent on closing when compared to its issue price.
On BSE, the scrip, whose issue price was Rs 570 apiece, started trading at Rs 471, which translates to a discount of 17.3 percent.
It ended the day at Rs 531.3, down 6.78 percent in comparison to the issue price. It touched an intraday high of Rs 550 per share during the trading session.
On NSE, the scrip debuted at Rs 485 apiece, which is a discount of nearly 15 percent. It reached an intraday high of Rs 550 per share and closed the counter at Rs 529, falling 7.19 percent compared to the issue price.
The opening level was also its intraday low on NSE.
Earlier this month, the initial public offer of Nuvoco Vistas, part of the Nirma Group, was subscribed 1.71 times. The offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore.
Proceeds of the fresh issue will be used for repayment of certain loans availed by the company and general corporate purposes.
