Shares of Indong Tea Company were trading at Rs 20.70 at 10:16 IST on the BSE, a discount of 20.38% compared with the issue price of Rs 26.
The scrip was listed at Rs 20.80, representing a discount of 20% compared with the initial public offer (IPO) price.So far, the scrip hit a high of Rs 20.80 and a low of Rs 19.80. Over 6.84 lakh shares of the company have changed hands in the counter till now.
The IPO of Indong Tea Company received bids for 2,36,04,000 shares as against issue of 50,04,000 shares on offer. The issue was subscribed 4.71 times.
The issue opened for bidding on 9 February 2023 and it closed on 13 December 2022. The issue price was fixed at Rs 26 per share. The shares were listed on the SME Platform of BSE.
The IPO comprised a fresh issue of 50,04,000 equity shares of face value of Rs 10 each for cash at a price of Rs 26 per equity share. Of this, 2.52 lakh equity shares will be reserved for subscriptions by the market makers.
Excluding the market maker reservation portion, net issue comprises of 47,52,000 equity shares.
The issue and the net issue will constitute 33.36% and 31.68% respectively of the post issue paidup equity share capital of the company.
The promoter and promoter group shareholding will decline to 64.03% post IPO, from 96.09% pre-IPO.
The objects of the issue are funding capital expenditure towards extension, uprooting and infilling of tea plantation at Indong Tea Estate, Jalpaiguri, West Bengal; funding capital expenditure towards installation of additional plant and machinery for tea processing unit at Indong Tea Estate, Jalpaiguri, West Bengal; to meet the working capital requirements; to meet the issue expenses; and general corporate purposes.
Indong Tea Company owns and operates a tea garden under government lease and is engaged in tea plantation & manufacturing of CTC (crush/cut, tear, curl) tea at Indong Tea Estate situated at Jalpaiguri district of West Bengal.
The Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of tea plantation, tea factory, withering trough house, officer's bunglows, staff quarters, labour quarters, pump house, general stores, dairy farm etc.
The company recorded revenue from operations of Rs 13.24 crore and net profit of Rs 2.04 crore for the period ended on 30 September 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
