Exit poll results indicated that the BJP is likely to be winner in Gujarat and Himachal Pradesh assembly elections.
Gujarat-based kraft paper manufacturer, Astron Paper and Board Mill has opened its Rs 70-crore initial public offering (IPO) for subscription today.
The company has set a price band of Rs 45-50 per equity share for the same. The issue will close on December 20, 2017.
With 1,40,00,000 equity shares of face value of Rs. 10 each, at the upper end of the price band, the firm could be looking to raise Rs 70 crore through the issue.
“The issue also comprises of reservation of up to 7,00,000 equity shares for subscription by eligible employees (the “employee reservation portion”),” the company said in a statement.
The company plans to use the proceeds for setting additional facilities to make Kraft Paper with lower GSM ranging from 80 to 180 GSM and lower B.F ranging from 12 B.F to 20 B.F, part repayment of unsecured loan, funding the working capital requirements of the company and general corporate purposes.
Equity benchmarks remained strong but came off early highs. Investors await the outcome of Gujarat and Himachal Pradesh elections due on December 18, though exit polls announced on Thursday indicated BJP win in both states.
The 30-share BSE Sensex was up 278.07 points at 33,524.77 and the 50-share NSE Nifty rose 91.30 points to 10,343.40.
About 1,666 shares advanced against 616 declining shares on the BSE.
Prime Minister Narendra Modi today hoped the Winter Session of Parliament will be a productive one with constructive debates and innovative suggestions that will help resolve the country's problems.
The government is expected to table 25 pending bills and 14 new ones, including a bill providing Muslim women the right to seek maintenance in case of triple talaq, during the session which begins today.
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