20 Microns lists at 9% discount on BSE

Vadodara-based 20 Microns, manufacturer of white minerals, today got listed at Rs 50 on the Bombay Stock Exchange (BSE), at a discount of 9.09 per cent over its issue price.

The scrip opened at Rs 50, touched a high of Rs 96.25 and a low of Rs 47.55. The company listed over 1.41 crore shares on the bourses. It had fixed an issue price of Rs 55.

However, on the National Stock Exchange, it got listed at Rs 80, a premium of 45.45 per cent over its issue price.

The scrip opened at Rs 80, which was also its intra-day high, and later on touched the intra-day low of Rs 46. Over 57.20 lakh shares got traded on both the bourses in the first few minutes of trade.

The company is setting up a dry grinding process unit for talc with a capacity of 7,000 tonnes per annum at Haldwani in Uttarakhand. It is also planning to expand capacity of dry grinding process for talc from the existing 5,000 tonnes per annum to 17,000 tonnes per annum.

The company intends to utilise the proceeds of the fresh issue towards the current on-going expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.

The scrip was later trading at Rs 49.75, down 9.54 per cent on the BSE and at Rs 50.55, down 8.09 per cent on the NSE at 1031 hrs.