ARSS Infra lists at 44 percent premium to issue price

MUMBAI Wed Mar 3, 2010 9:09am IST

Related Topics

Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

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

Market Eye

REUTERS SHOWCASE

Asian Markets

Asian Markets

Asian stocks flat after China PMI meets expectations  Full Article 

Chinese Economy

Chinese Economy

Factory activity shrinks for 4th month; pace of decline slows   Full Article 

International Gold

International Gold

Gold hovers near 2-1/2 month lows on firm equities, fund outflows  Full Article 

GM Lawsuit

GM Lawsuit

GM seeks U.S. court protection against ignition lawsuits  Full Article 

Reuters India Mobile

Reuters India Mobile

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