Inox debuts on the BSE bourse; scrip closes at Rs 174

MUMBAI: Inox Leisure Ltd has been listed on the National Stock Exchange of India ltd (NSE) and the Stock Exchange, Mumbai (BSE) today.

The stock opened at Rs 172, up 43 per cent over the issue price of Rs.120/- a share. It hit a high of Rs 194.80 and a low of Rs 167.05, before closing at Rs 179.90 on the NSE.

On the BSE, the stock ended at Rs 174.75.

Speaking at the listing ceremony at the National Stock Exchange Inox director Deepak Asher said, Our mission is to create Indias largest network of world class multiplex cinema theatres across all the leading towns and cities of India. We aspire to be the leader in the Indian film exhibition industry on all key parameters including number of screens, quality of viewing experience, and, more importantly, financial parameters like revenues and profitability.

We consider the overwhelming response to our IPO as a popular vote of confidence in our business model. Shareholders' interest is of paramount importance to us as a group. Inox Leisure Ltd. will consistently and untiringly work towards strengthening shareholder value, he added.

The issue which opened for subscription on January 27, 2006 and closed on 2 February. The issue was oversubscribed by 49.06 times. The qualified institutional buyers portion was subscribed by 59.19 times and the retail portion received 17.75 times response and HNIs portion received 92.31 times response.

Inox entered the capital market with a fresh issue of 16.5 million equity shares of Rs 10 each on offer consisting of a fresh issue of 12 million equity shares and an offer for sale of 4.5 million equity shares by the promoter, Gujarat Flurochemicals Limited.

The shares offered constitute 27.5 per cent of the fully diluted post issue paid up capital of the company and as a result the promoters share holding has come down to 66 per cent of the post issue paid up capital.

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