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This is an archive article published on May 13, 2010

Nitesh Estates lists at 7 pc discount

Real estate firm Nitesh Estates today listed with a discount of 7.40 per cent over its issue price at Rs 50 on the BSE.

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Post-IPO,real estate firm Nitesh Estates today listed with a discount of 7.40 per cent over its issue price at Rs 50 on the BSE.

Shares of Nitesh Estates after opening weak on the Bombay Stock Exchange,fell 10.55 per cent to touch a low of Rs 48.30.

On the National Stock Exchange,the stock listed at its issue price of Rs 54,but later fell to a low of Rs 49.10,down 9 per cent.

The company has listed over 14.58 crore shares on both the bourses.

Last month,the company had raised Rs 405 crore through initial share sale with a face value of Rs 10 each.

Incorporated in 2004,Nitesh Estates is primarily engaged in development of residential projects in Bangalore.

It is in the process of diversifying into development of shopping malls and is expanding its reach to Chennai,Goa and Hyderabad.

 

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