Tamboli Capital, the demerged entity of Investment & Precision Castings Ltd (IPCL), today listed at Rs 49 on the Bombay Stock Exchange.
The scrip opened at Rs 49 and surged to a high of Rs 64.80 in the morning trade on the exchange.
The company, which listed 99.20 lakh shares, saw over 20.39 lakh shares exchange hands on the BSE.
According to the scheme of arrangement approved by the Gujarat High Court, the investment unit of IPCL was demerged into Tamboli Capital Ltd (TCL).
In consideration to the said arrangement, Tamboli Capital issued and allotted two equity shares for every one share of the same value held in IPCL.
Post the said arrangement, the issued, subscribed and paid-up equity capital of Tamboli Capital stood at Rs 9.92 crore.
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Meanwhile, the exchange has asked investors to trade cautiously in the scrip.
"The daily circuit filter in the equity shares of the company is being kept open on March 15, 2010, in order to enable the members to deal in the scrip at a realistic price level. Trading members are cautioned not to enter orders at unrealistic prices," it said.