Emmvee Photovoltaic Power shares end over 1 pc higher after flat market debut

New Delhi, Nov 18 (PTI) Shares of Emmvee Photovoltaic Power made a flat market debut on Tuesday, but later ended over 1 per cent higher against the issue price of Rs 217.

The stock was listed at Rs 217 apiece on the BSE and NSE.

During the day, the stock hit a high of Rs 227.80 and a low of Rs 206.85 on the BSE. It finally ended at Rs 219.05, up 0.94 per cent.

At the NSE, the stock ended at Rs 219.40, a premium of 1.10 per cent.

The company's market valuation stood at Rs 15,165.82 crore.

The initial share sale of Emmvee Photovoltaic Power Ltd received 97 per cent subscription on the final day of bidding last week.

The Rs 2,900-crore initial public offering (IPO) had a price band of Rs 206-217 per share.

The IPO had a fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares valued at Rs 756.14 crore by promoters, aggregating the issue size to Rs 2,900 crore.

Proceeds from the fresh issue worth a little over Rs 1,621 crore will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary, and for general corporate purposes.

The firm is a leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. PTI SUM SUM BAL BAL