Bhagwati Banquets lists at Rs 46.35 on BSE
Hospitality company Bhagwati Banquets and Hotels Limited (BBHL) on Thursday got listed at Rs 46.35, with a premium of around 16 per cent over its issue price of Rs 40 on the Bombay Stock Exchange.
By PTI |
MUMBAI: Hospitality company Bhagwati Banquets and Hotels Limited (BBHL) on Thursday got listed at Rs 46.35, with a premium of around 16 per cent over its issue price of Rs 40 on the Bombay Stock Exchange.
Within minutes of listing the scrip of the company touched a high of Rs 49.90 and over 11.42 lakh shares exchanged hands on the BSE.
The company entered the bourses with 2,92,86,400 equity shares at an issue price of Rs 40 per share.
The initial public offer of BBHL was oversubscribed 1.83 times. It received 3.36 crore bids for the 1.84 crore shares on sale.
While the QIBs (Qualified Institutional Investors) subscribed to only 42.4 per cent of the 92.27 lakh shares allocated for them, the IPO received decent response from Non-Institutional investors and retail investors.
BBHL is raising Rs 92 crore, including promoter contribution of about Rs 20 crore, the funds would be utilised to expand its chain of restaurants and for setting up a 100-room property at Surat.
The company, which operates the Grand Bhagwati hotel, also undertakes outdoor catering, operates food courts and manages rooms and restaurants of Karnavati Club in Ahmedabad.
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