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3i Infotech settles below offer price on debut

DALAL STREET SPIKES

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Our Markets Bureau Mumbai
Last Updated : Feb 06 2013 | 8:20 AM IST
3i Infotech closed below its offer price on debut. The stock after hitting the day's high of Rs 107.90 finally closed at Rs 97.80, down 2.2 per cent.
 
The shares were offered at Rs 100 per share. More than 38.73 lakh shares were traded at the counter on NSE. Analysts said, since the issue was overpriced, it failed to attract premium on the listing day.
 
3i Infotech, earlier known as ICICI Infotech, has transformed itself from the back office service provider of ICICI Bank to a software products-cum-services company focused on the banking, financial services and insurance fields. 3i Infotech derives around half of its revenue from the domestic market.
 
The ICICI Bank group accounts for around 30 per cent of the total revenue of the company, which ties its fortunes to the changing business plans of ICICI Bank. The post-issue equity capital of 3i Infotech is Rs 51 crore.

 
 

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