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Tara Jewels Shares End Flat After Listing at a Premium
Dec 6, 2012 5:58 AM
By Dilipp S Nag
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RAPAPORT... Shares of Tara Jewels Ltd. closed at INR 229.95 per share today, the company's first day of trading on the Bombay Stock Exchange (BSE), after listing at a premium of 5 percent to the issue price of INR 230 per share.
The stock opened at INR 242 on the BSE and rose to an intra-day high of INR 244.90 during the session. It touched INR 229.95 on the lower side. A total of 462,215 shares were traded. India’s Sensex index closed 0.5 percent higher at 19,486.80.
Tara, whose operations include manufacturing, exporting and retailing jewelry, entered the capital markets in November with a INR 1.80 billion ($32.6 million) initial public offering (IPO) to fund its retail expansion plan and for repaying debt.
The company currently operates 30 stores in India under the Tara Jewellers brand and plans to open 20 new stores in north and the central parts of the country.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
Dilipp S Nag, gold, India, ipo, Jewelry, retail, Tara Jewellers, Tara Jewels
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