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MindTree scripts dream debut at markets
By siliconindia
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Thursday, 08 March 2007, 18:30 IST
Mumbai: MindTree Consulting, the country's first VC-funded firm, had a great start in the market after its shares made a dream debut at Rs 662 with 56 per cent premium on Dalal Street on Wednesday. Entering the bourses with 3.72 crore shares with an issue price of Rs 425 per share, the Mindtree scrip hit highs of Rs 678.80 as 3.29 lakh shares exchanged hands minutes of listing on the Bombay Stock Exchange.
On the National Stock Exchange, Mindtree Consulting shares did an encore as they opened on Rs 627 with a 47.5. percent premium over its issue price. It hit highs of Rs 664 on the NSE as the counter witnessed bustling activity resulting in 5.54 lakh shares being traded. The company said it would use the proceeds to part-finance a new development center in Chennai- Rs 120 crore to acquire land in Chennai and around Rs 19 crore would go to repay a loan from HSBC.
MindTree Consulting, a software services and the product realization company, is headed by Ashok Soota, who earlier was at the helm of Wipro Infotech. The company had earlier generated a demand of over Rs 23,300 crore through its through IPO that was oversubscribed over 100 times.