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Journalism of Courage
Shares of infrastructure development and civil construction firm Prakash Constrowell today settled with 66 per cent gains on the first day of trade vis-a-vis issue price of Rs 138 per share.
The shares listed at Rs 145,an increase of 5 per cent vis-a-vis their issue price on the BSE in the morning trade. After a positive start the scrip pared listing gains,but later recovered the losses and settled with gains of 66.3 per cent at Rs 229.50.
Similarly,on the National Stock Exchange,the stock closed at Rs 209,up 51.45 per cent against the issue price. Prakash Constrowell had entered the capital market through an IPO with a price band of Rs 130-138 per equity share of Rs 10 face value each,through which it raked in Rs
60 crore.
The company proposes to utilise the net proceeds of the issue to meet working capital requirement and invest in construction equipment and subsidiaries,in addition to meeting general corporate purposes. Prakash Constrowell operates in the three construction segments,namely infrastructure development,civil construction and residential and commercial real estate construction.
Meanwhile,the BSE benchmark Sensex settled at 15,864.86,down 286.59 points.
