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Sadbhav Engineering has surged 7% to Rs 282 on BSE after the company said its subsidiary Sadbhav Infrastructure Projects has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for its public issue of shares.
Sadbhav Infrastructure Projects planning to raise up to Rs 600 crore through an initial public offering (IPO).
“The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 600 crore and an offer for sale of up to 16.18 million equity shares by Xander Investment Holding XVII Ltd and up to 16.18 million equity shares by Norwest Venture Partners VII-A—Mauritius”, Sadbgav Engineering said in a statement.
The stock opened at Rs 273 and touched a 52-week high of Rs 285 on BSE. The trading volumes on the counter more than doubled with a combined 281,627 shares changed hands in first 15 minutes of trade on BSE and NSE.
Sadbhav Infrastructure Projects planning to raise up to Rs 600 crore through an initial public offering (IPO).
“The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 600 crore and an offer for sale of up to 16.18 million equity shares by Xander Investment Holding XVII Ltd and up to 16.18 million equity shares by Norwest Venture Partners VII-A—Mauritius”, Sadbgav Engineering said in a statement.
The stock opened at Rs 273 and touched a 52-week high of Rs 285 on BSE. The trading volumes on the counter more than doubled with a combined 281,627 shares changed hands in first 15 minutes of trade on BSE and NSE.
