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Transformers & Rectifiers lists at 70% premium

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Transformers & Rectifiers today got listed at Rs 790 a share, a premium of 70% to the offer price of Rs 465, a share on the National Stock Exchange (NSE). Around 14 lakh shares had changed hands on the NSE at 1045 hrs, and the stock quoted at Rs 721.

The company had come out with an initial public offer of 29.95 lakh equity shares priced in a band of Rs 425 to Rs 465 a share.

The company will use the proceeds to finance the setting up of its proposed greenfield manufacturing facility at Moraiya, near Ahmedabad in Gujarat, to part-finance incremental capital requirements.

Transformers & Rectifiers manufactures transformers upto 220 kV class, having an installed capacity of 7,200 MVA transformers per annum. It currently operates through two manufacturing units located at Changodar, near Ahmedabad and Odhav, in Ahmedabad, both in Gujarat.

Source : business-standard.com

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