Prabhat Dairy to list shares on Sept 20

New Delhi, Sept 20: Shares of Prabhat Dairy, an integrated milk and dairy products company, will be listed on the stock exchanges tomorrow. "

effective from Monday, September 21, 2015, the equity shares of Prabhat Dairy Limited shall be listed and admitted to dealings on the exchange in the list of 'B' Group of securities," the BSE said in a circular.

The equity shares will also be listed on the National Stock Exchange (NSE) as per a separate notification.

The company had fixed the issue price at Rs 115 per share for institutional investors, while giving a discounted price of Rs 110 for retail investors.

The initial public offer (IPO), which was opened for subscription during August 28-September 4, had managed to sail through after lowering the price band to Rs 115-126 from Rs 140-147 a share.

The issue closing date had extended by three days as it failed to generate interest among investors amid weak market conditions.

Earlier this month, Prabhat Dairy had successfully concluded its IPO comprising of a fresh issue aggregating up to Rs 300 crore and an offer for sale of up to 1.47 crore equity shares.

The company had collected more than Rs 300 crore through fresh issue portion. The proceeds from the fresh issue would be used for repayment of loans, capital expenditure and general corporate purpose.

PTI