SRS Ltd has debuted at Rs 55, a 5% discount against its issue price of Rs 58 per share on the Bombay Stock Exchange (BSE). The stock currently trading at Rs 48.40 after hitting high of Rs 61.40 and around 2.7 million equity shares have changing hands on the counter on opening deals.
The Faridabad-based SRS had fixed the issue price at lower end of price band of Rs 58-65 a piece after issue got subscribed by just 1.25 times, helped by non-institutional investors (NIIs). The issue constitutes 25.13% of the post-issue share capital.
Reserved portion of NIIs has subscribed 5.11 times. Meanwhile, retail and qualified institutional investors' portion was subscribed just 0.32 times and 0.75 times, respectively.
The company raised Rs 223 crore through the issue, which will be utilised for setting up of cinema, food courts, retail stores and jewellery stores, besides expansion purposes.
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