J Kumar Infra slips 7% on listing day; wins order worth Rs. 170 crore

J Kumar Infraprojects Limited (JKIL) got listed today at Rs. 100, down Rs. 10 or 9.09% on the BSE against an offer price of Rs. 110 per share.

The company had fixed the issue price at Rs 110, to raise Rs 715 million. The issue was open for subscription from Jan. 18, 2008, to Jan. 23, 2008.

JKIL`s core areas of expertise in the construction of infrastructure projects include: transportation engineering, civil construction, irrigation projects and piling work using hydraulic piling rigs.

The proceeds from this issue are intended to be deployed for the purchase of capital equipments and for funding working capital requirements.

In a separate release, the company has announced that it has secured an order of Rs 170 crore from Municipal Corporation of Greater Mumbai.

The stock has ended the day at Rs 102.70, a 7% discount to its issue price. It touched a high/low of Rs 116.95 and Rs 84.20, respectively.

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