Date:28/10/2006 URL: http://www.thehindubusinessline.com/2006/10/28/stories/2006102803461800.htm

Back DCB, Global Vectra debut at the bourses

Our Bureau

Mumbai , Oct. 27

Development Credit Bank Ltd and Global Vectra Helicorp Ltd, an offshore transportation services helicopter company, made their debut on the stock markets today.

DCB was listed at Rs 35.35, a premium of 35.96 per cent over the issue price of Rs 26 on the BSE. It touched an high of Rs 48.65 before settling at Rs 47.50. On the NSE, the stock premiered at Rs 35, a premium of 34.62 per cent, touched a high at Rs 48.70 and closed at Rs 47.45.

Global Vectra opened at a discount of 5.41 per cent to the offer price of Rs 185 at Rs 175 on the BSE. It closed at Rs 187.40, after witnessing an intra-day high at Rs 195. However, on the NSE it opened with a premium of 35.14 per cent at Rs 250.

It touched a low at Rs 170.05 and closed at Rs 187.50.

DCB offered 7.15-crore equity shares aggregating Rs 186 crore. The issue was oversubscribed 35.68 times. It will strengthen the capital base of the bank and also help meet the capital adequacy norms under Basel II.

GVHL came out an IPO of 35-lakh equity shares of Rs 10 each amounting to Rs 64.75 crore. The issue was oversubscribed 3.59 times and the company will use the proceeds of the issue to part finance its expansion plan.