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Shekhawati Poly-Yarn debuts at 66% premium on NSE

Shekhawati Poly-Yarn made a stellar debut on the bourses, with opening at a premium of over 66% against its issue price of Rs 30 on NSE.

ET Bureau|
Jan 12, 2011, 11.05 AM IST
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MUMBAI: Textile firm Shekhawati Poly-Yarn today made a stellar debut on the bourses, with opening at a premium of over 66 per cent against its issue price of Rs 30 on the National Stock Exchange (NSE).

Shares of the company listed at Rs 50 per piece, reflecting a jump of a whopping 66.66 per cent from its issue price on the NSE.

However, on the Bombay Stock Exchange, the new comer witnessed a modest debut as it opened 8.33 per cent higher at Rs 32.50. But within the minutes if trade, the scrip gained momentum and surged by 62.66 per cent to an early-high of Rs 48.80.

Meanwhile, the 30-share benchmark was trading at 19,214.07, up 17.73 points from previous close.

Shekhawati Poly-Yarn has raised Rs 36 crore through its initial public offer. The company proposes to use the proceeds for buying new machines, buying corporate office and working capital requirements.

Shekhawati is presently engaged in manufacturing of texturised and twisted yarn.
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