Shares of cement manufacturer Nuvoco Vistas Corporation Ltd made a weak debut on bourses, with its shares falling over 7 per cent on closing when compared to its issue price.
On BSE, the scrip, whose issue price was Rs 570 apiece, started trading at Rs 471, which translates to a discount of 17.3 per cent.
It ended the day at Rs 531.3, down 6.78 per cent in comparison to the issue price.
It touched an intra-day high of Rs 550 per share during the trading session.
On NSE, the scrip debuted at Rs 485 apiece, which is a discount of nearly 15 per cent.
It reached an intra-day high of Rs 550 per share and closed the counter at Rs 529, falling 7.19 per cent compared to the issue price.
The opening level was also its intra-day low on NSE.
Earlier this month, the initial public offer of Nuvoco Vistas, part of the Nirma Group, was subscribed 1.71 times. The offer aggregating up to Rs 5,000 crore had a fresh issue of up to Rs 1,500 crore and an offer for sale of up to Rs 3,500 crore.
Proceeds of the fresh issue will be used for repayment of certain loans availed by the company and general corporate purposes.
