Thursday, January 03, 2008

BGR Energy Systems lists at 75% premium

MUMBAI: BGR Energy Systems Thursday listed at Rs 840 on the National Stock Exchange, a premium of Rs 360 or 75 per cent to the issue price of Rs 480 per share.

At 10:02 am, the share was up Rs 423, or 88.13 per cent, at Rs 903. It touched a high of Rs 919 in few minutes of trade. So far around 22,72,936 shares were traded in the counter.

On the Bombay Stock Exchange, BGR Energy opened at Rs 801 and touched a high of Rs 940. At 10:02 am, the share was at Rs 905, up 88.54 per cent on volume of 10,11,783 shares.

The company had entered the capital market with a public issue of 91.36 lakh equity shares of Rs 10 each. The price band was Rs 425-Rs 480 per share. The issue was subscribed 119.54 times, according to data available on NSE website.

BGR Energy supplies systems and equipment for the power, oil & gas, refinery, petrochemical and process industries. The company will utilise the IPO proceeds to augment long term working capital requirements and expand production capacity by establishing additional manufacturing facilities in India, China and the Middle East.

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