HG Infra Engineering shares slip after debuts at Rs 271.50

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The stock price jumped to day's high of Rs 274.70 in early trade, but immediately slipped and hit a low of Rs 265.


HG Infra Engineering shares started off trade at Rs 271.50 on the National Stock Exchange, rising half a percent over issue price of Rs 270 per share.
The stock price jumped to day's high of Rs 274.70 in early trade, but immediately slipped and hit a low of Rs 265.
It was trading at Rs 266.55, down 1.28 percent on the NSE and was down 0.89 percent at Rs 267.60 on the BSE at 10:05 hours IST.
The company raised Rs 462 crore through initial public offer (IPO) during February 26-28, 2018.
HG Infra's IPO, which was subscribed five times at a price band of Rs 263-270 per share, comprised fresh issue of shares aggregating up to Rs 300 crore and offer for sale of up to 60 lakh shares by the existing shareholders.
Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.

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