MBL Infrastructure Limited (MBL) listed today on the bourses. The company had raised Rs 102 crs from the market in a price band of Rs 165-180 during 27th November to 2nd December 2009. The issue was subscribed under 2 times but was controversial.
The share opened at Rs 190 on the BSE and Rs 185 at the NSE. The highs were Rs 218 and Rs 219.40 respectively. After 80 minutes of trade, the share has slipped from the highs but is trading steady around Rs 205-206 which is a decent gain of about 14%.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 190.00 | 218.00 | 190.00 | 206.00 | 26.00 | 14.44 | 2617969 | 206.95 |
| NSE | 185.00 | 219.40 | 185.00 | 206.00 | 26.00 | 14.44 | 4100512 | 206.91 |
| Total | 6718481 |
Readers would recall that this company had to offer an option to withdraw to investors who had applied for the issue. A company which at the time of going public makes inadequate disclosures or does not come clean, is certainly not going to become forthright post having raised the capital. Even though the share is trading at a premium, I would recommend that this stock be avoided for investment.
