 "MEP Infrastructure falls below issue price")
Shares of road toll collection company MEP Infrastructure Developers were trading at Rs 56.70, 10% below its issue price of Rs 63, on the Bombay Stock Exchange (BSE). The stock listed at par and hit a low of Rs 55.60 post its listing on the BSE.
On the NSE, the stock opened at Rs 65 and touched low of Rs 52.80. A combined 3.83 million shares changed hands on the counter on the NSE and BSE.
The company had fixed issue price at lower band due to lukewarm response. The Rs 325-crore offering of the company, promoted by Mhaiskar family of IRB Infrastructure Developers, received 1.08 times subscription. The retail investor category undersubscribed at 94%.
MEP Infrastructure, which operates toll plazas at about 30 locations, will use the issue proceeds to retire some debt.
On the NSE, the stock opened at Rs 65 and touched low of Rs 52.80. A combined 3.83 million shares changed hands on the counter on the NSE and BSE.
The company had fixed issue price at lower band due to lukewarm response. The Rs 325-crore offering of the company, promoted by Mhaiskar family of IRB Infrastructure Developers, received 1.08 times subscription. The retail investor category undersubscribed at 94%.
MEP Infrastructure, which operates toll plazas at about 30 locations, will use the issue proceeds to retire some debt.