The much-awaited listing of cement company Ultra Tech CemCo, a spin-off of the cement division of Larsen & Toubro, finally materialised on Tuesday but it was a disappointing debut for investors.The stock of the Aditya Birla group company struck Rs 285.80 on the BSE in early trades. The weighted average price of the scrip in the first few minutes of trade was Rs 285.15. The stock went up to a high of Rs 338.70 and came down to Rs 254.00 before closing at Rs 260.35. However, this is much below the price of Rs 342 that Grasim had offered to L&T shareholders.‘‘We were expecting a small discount but the stock closed the day at a discount of 24 per cent to the offer price. This is disappointing,’’ said BSE dealer Pawan Dharnidharka.Though the offer process was complete almost two months ago, the listing was delayed for one reason or the other. There was speculation earlier that the listing was delayed as there was apprehension that the stock would list at a discount.Ultra Tech has a capacity of 17 million tonnes, making it India’s top cement maker.
