TD Power Systems made its debut on the stock exchanges today at Rs 251.6 as against its issue price of Rs 256. The stock has hit a high of Rs 286 and a low of Rs 251 in trades so far.
The company had entered the capital markets on 24 August 2011 with a public issue to raise Rs 227 crore in the price band of Rs 256 – 261. The issue was subscribed 2.92 times.
TD Power proposes to utilise the issue proceeds mainly to finance the expansion of the existing manufacturing plant in Dabaspet, Bangalore and for the construction of a project office. It also proposes to utilise part of the net proceeds to repay debt, fund working capital requirements and for other general corporate purposes.
The stock is trading at 281.2 on the Bombay Stock Exchange (BSE) at 0945 hours. As many as 15,31,033 shares have been traded.