Magnum Ventures lists at 23% premium on NSE

Magnum Ventures, engaged in paper and hospitality businesses, got listed at Rs 36.80 a share on the National Stock Exchange(NSE), a premium of 23% over the offer price of Rs 30 a share. The scrip touched an intraday high of Rs 66.90 and an intraday low of Rs 35.70 a share. A total of 11.319 million equity shares changed hands at the NSE.

The company had come out with an initial public offer of 176.4075 lakh shares, priced in a band of Rs 27 to Rs 30 a share. Magnum Ventures is engaged in trading and manufacturing of paper and now plans to enter the hospitality sector by setting up a 4-star business hotel at Sahibabad near Delhi at Rs 10.63 crore. The proposed hotel would be fully operational by April 2009.

The company also plans to modernise its production facilities at its two paper units including replacement of plant and machinery at a cost of Rs 50 crore.