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July 12, 2008

Lotus Eye Care Hospital - Listing

Lotus Eye Care Hospital on Friday listed at Rs 40 on NSE, a premium of 5.26 per cent or Rs 2 against the issue price of Rs 38.

However, with the market moving down, the stock too moved lower to Rs 37.80. It touched a high of Rs 40 and low of 32.50 in trade so far. Around 29,22,041 shares have been traded on the NSE counter.

On BSE, the stock opened at Rs 35. It hit a high of Rs 38.45 and low of Rs 32.05. At 10:12 am, the stock was Rs 37.70 on volume of 35,94,273 shares.

The hospital is based in the south Indian city of Coimbatore. The company has raised 38 crore rupees through its 10-million share issue. The issue was subscribed 1.18 times.

The company will use the proceeds to part-finance expansion of its existing units and to set up new units in Chennai and Bangalore. Lotus' presence is currently concentrated in Coimbatore, Salem and Tirupur, all in Tamil Nadu.

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