- By Aditya Pratap Singh
- Mon, 04 Nov 2024 11:03 AM (IST)
- Source:JND
Afcon Infrastructure Share Price: Shapoorji Pallonji Group’s flagship infrastructure engineering and construction firm Afcons Infrastructure Ltd on Monday listed at an 8% discount against the issue price of Rs 463. On BSE it fell 9.31% to list at Rs 419.85.
The stock was listed at Rs 426 on the NSE and registered a decline of 7.99%. The company has a market cap of Rs 16,680.87 crore. Fcons Infrastructure’s initial public offering was fully subscribed and ended at 2.63 times subscription on Tuesday, the last day of share trading.
The initial share sale was worth Rs 5,430 crore. The IPO combines a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Pvt.
The Maharashtra-based company will use Rs 80 crore from the fresh issue proceeds to purchase construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore for debt repayment, and the rest for general corporate purposes.
Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified firm and has a leading presence in engineering and construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
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Stock Market Today
Benchmark equity indices declined in early trade on Monday on account of Reliance Industries and cautious investor sentiment ahead of the US presidential election and the Federal Reserve's interest rate decision.
Relentless selling by foreign investors also dampened sentiment in the equity market.The BSE Sensex fell 665.27 points to 79,058.85 in early trade. The NSE Nifty tanked 229.4 points to settle at 24,074.95.