Monday, December 31, 2007

Brigade Enterprise slips after listing

MUMBAI: Brigade Enterprise listed Monday at Rs 430 on the National Stock Exchange, a premium of Rs 40 or 10.25 per cent against issue price of Rs 390 per share.

At 10 am, the share was down 4.36 percent at Rs 373 on volume of 7,05,294 shares. It touched a high of Rs 489.90 and a low of Rs 355.15 in early trade.

On BSE, it was at Rs 368.90, down 5.4 per cent before hitting a high of Rs 409.40. Around 9,72,335 shares were traded in the counter.

According to data received from the stock exchanges, the issue was subscribed to around 10.8 times. The issue got bids for 19.04 crore shares as against 1.66 crore shares. At cut off price 1.55 crore bids were received.

The company will utilize the proceeds to fuel the future growth plans, acquire land, meet construction and development costs in relation to the company’s ongoing and forthcoming real estate projects and general corporate purposes.

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