M and B Switchgears has debuted at Rs 180 on the BSE, down by 8 points or 4.30% from its issue price of Rs 186.
The scrip is currently trading at Rs 175.50, down by 10.50 points or 5.65% from its issue price and has touched a high and low of Rs 180.00 and Rs 155.35 respectively. So far 385825 shares were traded on the counter.
Transformer manufacturer, M and B Switchgears has fixed issue price at Rs 186, the higher end of the price band of Rs 180-186. The issue was subscribed 1.41 times.
M and B Switchgears intends to utilize the issue proceeds to set up new grid connected 4 MWp solar photovoltaic power plant at Village Gagorni, Dist. Rajghar, Madhya Pradesh and to meet general corporate purpose.
The company is engaged in manufacturing of power transformers, distribution transformers, furnace transformers and special purpose transformers. The company proposes to use the net proceeds of the issue to part-finance its project of setting up a new grid connected 4 MWp solar photovoltaic power plant at Gagorni in Rajgarh district of Madhya Pradesh.