MT Educare made a fabulous debut and snapped the session at Rs 90.35, a premium of 13% or higher by 10.35 points as against its issue price of Rs 80, on the BSE. The company’s stock, after an initial few minutes of trade, locked at its upper circuit limit till end of day’s trade.
The shares of the company opened at Rs 86.05 and touched a high and a low of Rs 90.35 and Rs 86.05, respectively. A total of 15,99,629 shares were traded on the counter.
MT Educare, promoted by Mahesh R. Shetty, is an education support and coaching services provider for students in the secondary and higher secondary school and for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
Out of the total proceeds of the fresh share issue amounting to Rs 35 crore, Rs 20 crore is required for part financing the cost of construction of a pre-university college (PUC) campus at Mangalore. The company will spend Rs 5 crore for establishing new coaching centres at 20 locations. The remaining funds are required for general corporate purpose.
