Equity shares of the company fell slightly below their issue price in debut trade today and were hovering around the Rs 50 mark in morning trade on the BSE.
However, within minutes of listing, the stock crawled its way back to the issue price level of Rs 52.
Subsequently, some of the initial gains were pared and the stock was trading at Rs 50.50, down 2.88 per cent, on the BSE at 0936 hours. Over 1.30 crore shares of the company changed hands on the BSE in early trade.
The company which raised Rs 1,245 crore through its initial public offer, plans to use the proceeds from the issue in five L&T subsidiaries -- L&T Infrastructure Company, L&T Finance, India Infrastructure Developers, L&T Investment Management and L&T Mutual Fund Trustees.
The portion reserved for QIB bidders got subscribed 1.93 times, the segment for non-institutional investors was subscribed 6.13 times and the one for retail investors was subscribed 8.64 times.
According to market experts, there were some concern about the valuation of the stock vis-a-vis its listed peers. Besides, the overall volatility in the markets also affected the stock.
Published 12 August 2011, 04:21 IST