ARSS Infra lists at 44 percent premium to issue price

MUMBAI Wed Mar 3, 2010 9:09am IST

Related Topics

MUMBAI (Reuters) - Construction firm ARSS Infrastructure Projects Ltd on Wednesday listed at 650 rupees on the BSE, 44.4 percent higher than its issue price of 450 rupees a share.

The shares touched a high of 711 rupees in early trades.

The firm is raising 1.03 billion rupees through the IPO which closed on Feb 11. The proceeds would be used for working capital, both for the company's existing and new projects.

The firm plans to use 50 million rupees from the proceeds for investments in forming joint ventures.

IDBI Capital Market Services Ltd and SBI Capital Market Ltd are book running lead managers to the issue.

ARSS Infrastructure is into construction of roads, highways, bridges, irrigation projects and engineering, and also undertake engineering, procurement and construction activities for railways.

At 9:01 a.m., its shares were trading at 678 rupees on the BSE, up over 50 percent.

(Reporting by Aniruddha Basu; Editing by Prem Udayabhanu)

(For more news on Reuters Money visit www.reutersmoney.in)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage