Bharat Wire Ropes locked in lower circuit on debut

Shares were trading 5% lower at Rs 44.90 compared to its issue price of Rs 45 per share

Shares of Bharat Wire Ropes made a sluggish debut on the stock exchanges today and were locked in lower circuit at Rs 44.90 on the National Stock Exchange.

Earlier, the stock listed at Rs 47.25 on the National Stock Exchange and touched a high of Rs 47.25 and a low of Rs 45.

Read more from our special coverage on "BHARAT WIRE ROPES"

• Bharat Wire Ropes IPO to open tomorrow; aims to raise Rs 70 crore

The Rs 70 crore initial public offer was subscribed 1.21 times and the issue price was fixed at Rs 45 per equity share.

The Maharashtra-based specialty wire ropes manufacturer had fixed the price band at Rs 40-45 for the IPO.

The offer included reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.

The proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.