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Axita Cotton Ltd. makes a strong debut on the bourses with scrip got listed at Rs 61.00 on the Bombay Stock Exchange, a 1.66 per cent premium to its issue price of Rs 60.00. The company, which raised 0.18 Cr from initial public offering, was subscribed 0 times, receiving bids for 0 lakhs shares against the total issue size of 17.52 lakhs shares.
The company, listed under MT Group Securities post its IPO, opened for subscription from Dec 27 to Jan 02. Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for Net Incremental Working Capital RequirementThe main objects clause of the Memorandum of Association and the objects incidental and ancillary to the main objects enables us to undertake the activities for which funds are being raised in the Issue The existing activities of the company are within the objects clause of the Memorandum of AssociationAlso, we believe that the listing of Equity Shares will enhance the Company’s corporate image, brand name and create a public market for the Equity Shares in India.
Beeline Broking Limited as lead managers & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue. Meanwhile, the broader benchmark BSE Sensex closed trade at 36,212.91, up 231.98 points, or 0.64 per cent.