Shares of Bajaj Corp Ltd, one of India’s leading producers of hair oils, witnessed good buying interest on its debut on expected lines. A share closed at Rs 754, a premium of 14.24% over its issue price of Rs 660, after hitting an intraday high of Rs 816.95 and low of Rs 747.65 on NSE.
On the BSE, a share ended at Rs 758.25, after witnessing day's high of Rs 812 and low of Rs 730. It traded with volumes of more than 37 lakh shares.
Bajaj Corp's key product is Bajaj Almond Drops. In addition, it markets hair oil under the brand names Brahmi Amla, Amla Shikakai and Jasmine Hair Oil. It also produces oral care products under the brand name Bajaj Black Tooth Powder.
The company raised Rs 297 crore through the issue of 45 lakh shares. Issue proceeds will be used for promoting future products and acquisitions & other strategic initiatives. Total estimated expenditure for these objects are Rs 220 crore and 50 crore, respectively. Bajaj Consumer holds 84.75% post issue.
Source : moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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