HCC Stock Up On Lavasa IPO Nod – Business Standard – 12-Nov-2014
November 12, 2014 - Uncategorized
Hindustan Construction Company (HCC) has rallied 10% to Rs 37.50 after its real estate arm Lavasa Corporation received approval from the capital market regulator to launch its initial public offering (IPO).
The Securities and Exchange Board of India (Sebi) has issued ‘observations’ on Lavasa Corporation’s IPO, marking the end of the regulatory process before the IPO.
Lavasa Corporation plans to issue a Rs 750-crore IPO. HCCholds a 68.7% stake in Lavasa.
The stock opened at Rs 36.50 and touched a high of Rs 38.35 on NSE. The counter has seen huge trading volumes with a combined 9.51 million shares changed hands in first 25 minutes of trade on NSE and BSE.