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Shares of Sadbhav Engineering have moved higher by 3.6% at Rs 340, bouncing back 6.5% from intra-day lows on the BSE, after the company announced that its arm Sadbhav Infrastructure Project has filed red herring prospectus to undertake an initial public offering (IPO) of its equity share.
"The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 425 crore and an offer for sale of up to 3.24 million equity shares by Xander investment Holding XVII Limited and up to 3.24 million equity shares by Nonvest Venture Partners VII-A-Mauritius,” Sadbhav Engineering said in a statement.
The bid /issue will open on August 31, 2015 and close on September 2, 2015. The anchor investor bid/issue period shall be one working day prior to the bid/issue opening date, the company added.
The stock opened at Rs 325 and touched a low of Rs 319 on the BSE in early morning trades. A combined 133,241 shares changed hands on the counter on the BSE and NSE so far.
At 03:07 PM, the stock was up 2% at Rs 334 compared to a 0.78% decline in the S&P BSE Sensex.
"The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 425 crore and an offer for sale of up to 3.24 million equity shares by Xander investment Holding XVII Limited and up to 3.24 million equity shares by Nonvest Venture Partners VII-A-Mauritius,” Sadbhav Engineering said in a statement.
The bid /issue will open on August 31, 2015 and close on September 2, 2015. The anchor investor bid/issue period shall be one working day prior to the bid/issue opening date, the company added.
The stock opened at Rs 325 and touched a low of Rs 319 on the BSE in early morning trades. A combined 133,241 shares changed hands on the counter on the BSE and NSE so far.
At 03:07 PM, the stock was up 2% at Rs 334 compared to a 0.78% decline in the S&P BSE Sensex.
