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Stock Report
Magnum Ventures Ltd lists at 23.2% premium to offer price of Rs. 30, touches a day high of Rs. 66.70
Posted On : 2007-09-20 10:25:44( TIMEZONE : IST )
MUMBAI, September 20, 2007: Magnum Ventures Limited, an ISO 9001:2000 certified company with interests in the paper business, now venturing into hospitality sector, has made a grand debut on the Bombay Stock Exchange ("BSE") by opening at Rs. 36.95 (23% above its offer price of Rs. 30 per equity share) and ending the day’s closing at Rs. 48.70. The scrip touched an intra-day high of Rs. 66.70. The total traded quantity on Day 1 was 29.1 million shares.
The stock was listed at Rs. 36.80 on the NSE and reached a high of Rs. 66.90. The total traded quantity on the NSE was 29.7 million shares.
The Company’s Initial Public Offering closed on August 30, 2007 and was subscribed 2.74 times. The IPO was for 1,76,40,750 equity shares. The Qualified Institutional Buyers ("QIBs") portion was subscribed around 2.34 times; the Non-Institutional Investors portion was subscribed around 3.0 times while the Retail Individual Investors portion was subscribed around 3.2 times.
Magnum Ventures Ltd. is engaged in the business of manufacturing paper for more than 25 years. The existing manufacturing activities cover writing and printing paper; and duplex boards with an installed capacity of 85,000 MT per annum, based on 3 shifts and 330 working days in a year. The Company has three manufacturing units for its paper facilities, located at plot No. 18/29, 18/30, 18/31 and 18/41, Site-IV, Industrial Area, Sahibabad, Uttar Pradesh. Now, it is planning to modernise and technologically upgrade two of its production facilities at a project cost of Rs. 50 crores.
The Company is foraying into the hospitality sector and is setting up a 4-Star business hotel with 212 rooms, conference halls, food & beverages and other facilities, in Sahibabad District, Ghaziabad (bordering Delhi), at a cost of Rs. 102.63 crores. It has entered into a Management Agreement and Territory Licence agreement and the hotel is proposed to run under the Carlson Group brand "Country Inn & Suites By Carlson®".
