Niraj Cements lists below issue price at Rs 185

Mumbai, Jun 19 (UNI) Engineering and construction firm, Niraj Cements and Structurals today got listed at a discount of 2.63 per cent over its issue price of Rs 190 on the Bombay Stock Exchange.

The scrip opened at Rs 185, touched an intra-day high of Rs 190 and a low of Rs 169.70. Over 20.57 lakh shares changed hands in the first few minutes of trade, a release said here.

The Company listed over 1.03 crore shares on the bourse. The scrip was later trading at Rs 190.80 at opening session.

It had raised about Rs 61.45 crore from its initial public offer, which got subscribed 1.74 times. The Company fixed its issue price at the upper end of its price band.

Niraj Cements would utilise the issue proceeds to fund its capital equipment requirement and to meet working capital needs, the release added UNI AR RN SKB2041