Stock News: Aries Agro closes at 94% premium on BSE

Aries Agro Limited (AAL) (BSE Scrip Code 532935), a micronutrient and other nutritional products manufacturing company for plants and animals, today listed on the BSE and NSE at Rs 150 and Rs 160 respectively, as against its offer price of Rs 130 per share. The scrip closed at Rs 251.60 on the BSE and at Rs 249.80 on the NSE.

At 4 pm, the trading volume on the BSE was 2,13,95,103 shares; while that on the NSE was 2,25,02,724 shares. It touched a high and low of Rs 261 and Rs 150, respectively, on the BSE.

The company entered capital market with an Initial Public Offering (IPO) of 45,00,000 equity shares of Rs 10 each for cash at a premium to be decided through the 100 per cent book building process. The price band of the issue was Rs 120 to Rs 130.

As a part of its expansion plan, AAL mainly proposed to set up new manufacturing units at Ahmedabad, Lucknow, Medak (Andhra Pradesh) and an additional unit in Maharashtra. AAL is embarking upon over a three-fold increase through this expansion, and would add 79,200 TPA to its existing manufacturing capacity of 21,600 TPA. To increase its global reach, AAL has also proposed to enhance its equity holding to 75 per cent in Golden Harvest Middle East (FZC), a company incorporated in UAE thereby making it a subsidiary company. The Company would also create mobile shops through mobile vans for its products in order to reach the places where there is demand.

The proposed issue is lead managed by SREI Capital Markets Ltd and the Registrar to the issue is Aarthi Consultants Pvt Ltd.

Sourced From: Prana Public Relations