Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela bought 5 lakh shares via a block deal on the listing day of the ethanol-based chemicals maker Shares of Godavari Biorefineries crossed their IPO issue price in early deals today after Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela bought 5 lakh shares via a block deal on the listing day of the ethanol-based chemicals maker. She bought shares at a price of Rs 335.66 apiece, amounting to nearly Rs 17 crore.
Godavari Biorefineries stock surged 4.72% to Rs 359.05 on BSE in early deals on Thursday, crossing the IPO price of Rs 352. Market cap of the firm climbed to Rs 1788 crore on BSE. A total of 1.08 lakh shares of the firm changed hands amounting to a turnover of Rs 3.82 crore on BSE.
The stock made a muted market debut on Wednesday (October 30), listing at Rs 308 on NSE, with a discount of 12.50 per cent over the issue price of Rs 352. The ethanol player listed at a discount of 11.78 per cent over the given issue price at Rs 310.55.
The IPO of Godavari Biorefineries was open for bidding between October 23 and October 25. The price band was fixed at Rs 334-352 per share with a lot size of 42 shares. The company raised Rs 554.75 crore from its IPO, which included a fresh share sale of Rs 325 crore and offer-for-sale (OFS) of up to 65,26,983 equity shares.
Incorporated in 1956, Godavari Biorefineries manufactures ethanol-based chemicals in India. The Mumbai-based company's product portfolio includes bio-based chemicals, sugar, various grades of ethanol, and power. These products are used in industries such as food, beverages, pharmaceuticals, flavours and fragrances, power, fuel, personal care, and cosmetics.