Zylog makes decent listing on bourses

MUMBAI: Notwithstanding the week market, Technology services provider Zylog Systems recorded a decent listing as its scrip surged over 23 per cent on BSE against its issue price and settled at Rs 431.10.

Earlier in the day, the scrip of the company got listed with 50 per cent premium at Rs 525 on BSE. The BSE benchmark Sensex tumbled over 216 points as the Asian stock markets triggered panic selling in the domestic market.

The wide-based National Stock Exchange index Nifty moved between 4,002.20 and 4,171.10 points before closing with a loss of 70.55 points at 4,108.05.

Zylog Systems touched an intra-day high of Rs 525, low of Rs 356.20 and over 70.18 lakh shares exchanged hands during the day. On the NSE, the company witnessed a high of Rs 557, low of Rs 392 and over 1.01 crore shares were traded.

Shares of the company closed at Rs 431.10 on BSE and at Rs 427.50 on NSE at the end of the day's trading session.

Zylog would utilise the proceeds on setting up two offshore development centres and build a war chest for strategic investments and mergers and acquisitions.