Tech Mahindra opens with 43% premium

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Tech Mahindra opens with 43% premium

Tech Mahindra has listed on stock exchanges today with 43% premium.

It has opened at Rs 525 on BSE and at Rs 521 on NSE. The share was issued at Rs 365 per share.

Analysts were expecting it to list above Rs 500. They also said that it will sustain above Rs 500 level.

On the BSE, at 10:02 am, the share was quoting at Rs 536, with volumes of 8,57,953 shares. It has touched an intraday high of Rs 550 and an intraday low of Rs 523.

On the NSE, at 10:02 am, the share was quoting at Rs 536.45, with volumes of 21,55,876 shares. It has touched an intraday high of Rs 550 and an intraday low of Rs 502.

Despite uncertain market conditions, Tech Mahindra IPO received an overwhelming response from all categories of investors. Based on the demand received, while the issue was over subscribed 71.59 times.

The company proposes to use the proceeds for creating facilities for expansion. The company has been granted land measuring 98,923 square metres located at Rajiv Gandhi Infotech Park in Hinjewadi, Pune for this purpose.

Tech Mahindra's services are focussed exclusively on the telecommunications industry. The company provides end-to-end services to meet the requirements of the telecom ecosystem players including telecom service providers, TSP, telecom equipment manufacturers, TEM and independent software vendors, ISV.