Nelcast debuts with 15 per cent premium at the BSE

Mumbai, Jun 27 (UNI) Equity shares of Nelcast listed on the bourses today by opening at a premium of 15 per cent at Rs 252.05 over the issue price of Rs 219.00 at the Bombay Stock Exchange (BSE).

Incorporated in 1982, Nelcast, promoted by P Radhakrishna Reddy, is engaged in the manufacture of castings, having application in the automobile sector such as engine, transmission, suspension, axle, brake, steering, housings. In addition, it also operates in farm equipment industry, railways and pipe-fitting industries.

The company has tapped the capital market to raise funds for its expansions plans. The price band for the issue was in the range of Rs 195.00 to Rs 219.00 a share. The issue price was fixed at Rs 219.00.

The issue of the company oversubscribed 7.36 times on the closing day.

UNI