VKS Projects debuts with over 2% gain

MUMBAI: Shares of VKS Projects, an engineering procurement and construction firm, today debuted with a gain of up to over 2 per cent against the issue price of Rs 55 per share.

At the National Stock Exchange, shares opened at Rs 56.35, up 2.45 per cent compared to the issue price.

Later, the company pared initial gains and was trading at Rs 54.80, down by 0.36 per cent, at 1040 hrs.

On the BSE, shares of the company debuted at Rs 55.80, up 1.45 per cent from its issue price. Later, profit-booking dragged down the company's shares to Rs 53.05.

The company has raised Rs 55 crore through initial public offer ( IPO).

It has proposed to use the net proceeds of the issue to meet long-term working capital requirements and for setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad among others.

Meanwhile, in the broader market, the BSE Sensex was trading at 17,057.62, down 47.68 points at 1040 hrs.