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VKS Projects closes above issue price
18 Jul 2012 04:38 PM
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Shares of VKS Projects, an EPC contractor, clawed back above the issue price of Rs 55 in last couple of hours of trade after hitting a lower circuit of Rs 53.05 in early trade on Wednesday.

The stock hit an intraday high of Rs 56 in late trade, before closing at Rs 55.60, with a rise of just 1% over issue price.

The Rs 55-crore public issue was opened for subscription during June 29-July 4, which managed to get fully subscribed on final day.

VKS Projects is engaged in the business of undertaking EPC contracts of CS/SS/alloy steel turnkey piping, civil land development, industrial / commercial infra projects, structural fabrication and erection of equipments, fire fighting projects and commissioning of chemical plants.

Company intends to use issue proceeds for long-term working capital requirements besides financing the procurement of construction equipment and key machineries and the setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad.

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