Indiabulls Securities Lists @ Rs 300 On BSE
Brokerage firm Indiabulls Securities Ltd, which was spun-off from flagship Indiabulls Financial Services Ltd last year, has got listed at the stock exchange today.
The shares of the company got listed at Rs 300 per share on the Bombay Stock Exchange (BSE).
After opening at Rs 300, which was also its intra-day peak, the shares touched a low of Rs 110 on the BSE.
On the other hand, the scrip opened at Rs 250 on the National Stock Exchange (NSE), and afterward it came down to touch a low of Rs 100.20.
More than 65.55 lakh shares have changed hands on both the bourses.
Under the scheme of arrangement, stockholders of Indiabulls Financial got one share of the brokerage for every share held in IBFSL.
The high court of Delhi approved the Scheme of Arrangement vide its order dated Sep. 13, 2007. The allotment date was Jan. 10, 2008. The issued, subscribed and paid-up equity capital of the company before the scheme of arrangement was Rs 178.3 million consisting of 1,78,34,099 equity shares of face value of Rs.10/- each fully paid up.
Indiabulls started operations as a broking firm, but now expanded its range to businesses including consumer finance, insurance, asset management and real estate.