By IANS
Mumbai : Shares of packaging solutions firm Manjushree Extrusions were listed Thursday on the Bombay Stock Exchange at a premium of 6.67 percent or Rs.48 against its issue price of Rs.45 a share.
The scrip was trading up at Rs.63.50 late Friday morning. A total of 467,667 shares changed hands on BSE at 10 p.m. The scrip has hit a high of Rs.64.95 and a low of Rs.47 in initial trade.
The firm had come out with a follow-on public offer of over 5 million equity shares of Rs.10 each for cash at a premium of Rs.35 per share and collected Rs.230.7 million.
It is already listed on Ahmedabad, Calcutta and Guwahati Stock Exchanges.
The company intended to utilise the funds to part finance its expansion cum diversification project at a cost of Rs.537 million, which is presently under implementation.
The State Bank of India has sanctioned a loan of Rs.180 million for the project.
Manjushree provides packaging solutions through manufacture of speciality plastic packaging products for multinational companies with whom the company enjoys a preferred supplier status in fast moving consumer gods, pharmaceutical, food processing and agrochemical sectors through an ongoing process of research-oriented design and development.