Jindal Cotex listing Rs 77 on the NSE

Jindal Cotex listed at Rs 77 on the NSE, at a premium of 2.67% to its issue price of Rs 75 a share. The share touched an intraday high of Rs 77.25 and an intraday low of Rs 76.10 in the early trade. The total traded quantity was 1,52,682 shares and turnover was at Rs 117.55 lakh.

On the BSE, the share opened at its issue price of Rs 75. It touched an intraday high of Rs 83.70 and intraday low of Rs 75.

The issue of 1,24,53,894 equity shares was subscribed 2.2 times and company raised Rs 93.40 crore.

The proceeds from the issue (excluding public issue expenses) will be used for setting up a new facility for manufacturing of cotton yarn, yarn dyeing and garments and investment in subsidiaries namely Jindal Medicot & Jindal Specialty Textiles.

The company is engaged in the business of manufacturing of acrylic, polyester, and polyester-viscose, polyester cotton, combed and carded yarns, which are appropriate for apparels, suitings and knitted fabrics. The yarns produced by the company are used for made ups in apparels, hosiery & garment industry.

It has current installed capacity of 23,472 spindles for acrylic, cotton blended and polyester yarns with a manufacturing capacity of 6500 TPA. It manufactures and sell yarns under the trade name "JINDAL".