Niraj Cement IPO Listing: Share closes at issue price
Niraj Cement Structurals an engineering and construction company focusing on road construction development, closes at Rs 190.15 on the BSE which is marginally above its issue price of Rs 190. Its intraday high was at Rs 197.90 and intraday low was at Rs 169.70. The total traded quantity was 1,77,56,320 shares. The share had opened at Rs 185 on the BSE against the issue price of Rs 190 at a discount of 2.63%.
The Company proposes to utilize the net proceeds of the Issue to finance its plan for investment in capital equipment on a recurring basis, fund long term working capital requirements and for general corporate purposes. It intends to bid for road related infrastructure projects - leveraging and building the specialization and pre-qualification and thereby participating in more states and regions and gaining access to more complex projects.
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