Brigade Hotel Ventures Shares Slip on Market Debut
Brigade Hotel Ventures Ltd's shares debuted with a significant discount on both BSE and NSE, closing down over 5% from its issue price amid high IPO subscription. The company plans to use proceeds for debt payment, land acquisition, and corporate expansion.
- Country:
- India
Shares of Brigade Hotel Ventures Ltd took a hit on their debut, closing at a discount of over 5% from the issue price. Trading commenced at Rs 82 on BSE, down 8.88% from the issue price of Rs 90, before it recovered slightly to close at Rs 85.40.
On NSE, the shares started even lower at Rs 81.10, marking a 9.88% drop. The stock closed at Rs 85.32, reflecting a 5.2% decline from the issue price. The market valuation of Brigade Hotel Ventures stood at Rs 3,243.86 crore.
The IPO attracted 4.48 times subscription with a price band of Rs 85-90 per share. Proceeds from the IPO, totaling Rs 759.6 crore, are earmarked for debt payments, land purchase, acquisitions, and other corporate strategies.
(With inputs from agencies.)
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