MUMBAI: Shares of Kaveri Seed Company Thursday listed at Rs 204 on the National Stock Exchange, a premium of 20 per cent to the issue price of Rs 170 per share. At 9:57 am, the share was at Rs 222, up 30.59 per cent with volume at 21,3570 shares. It touched a high of Rs 234 and low of Rs 204.
The stock opened at Rs 201.15 on the Bombay Stock Exchange and was trading at Rs 238, a premium of 40 per cent. Around 62,2675 shares were traded in the counter.
Kaveri Seed’s initial public offer was subscribed 4.51 times for the 40 lakh shares on offer. The company is into research, production, processing and marketing of high-quality hybrid seeds for crops like corn, sunflower, cotton, pearl millet, paddy, grain sorghum and has recently forayed into micro-nutrients and bio-products.
It raised Rs 68 crore through IPO for acquisition of farmland for research and development near Hyderabad, Alwar and Ahmedabad, setting up marketing offices and godowns in Delhi, Lucknow, Jaipur, Ahmedabad and Aurangabad, and a biotechnology lab near Hyderabad.
The proceeds would also be used for upgradation of existing seed processing plants at Kandalkoi, Gundla Pochampally, Gatla Narsingapur and Bellary and setting up of seed processing plant near Hyderabad.
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