Hot Pursuit     26-Oct-23
IRM Energy slips on debut
Shares of IRM Energy were currently trading at Rs 457.30 at 10:19 IST on the BSE, representing a discount of 9.45% as compared with the issue price of Rs 505.

The scrip was listed at Rs 479, exhibiting a discount of 5.15% to the issue price.

So far, the stock has hit a high of 482 and a low of 450. On the BSE, over 1.71 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of IRM Energy was subscribed 27.05 times. The issue opened for bidding on 18 October 2023and closed on 20 October 2023. The price band of the IPO was fixed at Rs 480-505 per share.

The offer comprised of fresh issue of 1.08 crore equity shares by the company.

The firm has proposed to utilize the net proceeds towards funding capital expenditure requirements for development of the city gas distribution network in the geographical areas of Namakkal and Tiruchirappalli (Tamil Nadu) in fiscal 2024 (from 1 December 2023 to 31 March 2024), fiscal 2025, fiscal 2026 and fiscal 2027 (from 1 April 2026 to 30 September 2026) amounting Rs 307.26 crore, prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company amounting Rs 135 crore and balance towards general corporate purposes.

IRM energy (a group company of Cadila Pharmaceuticals) is a city gas distribution (CGD) company in India developing natural gas distribution projects across various districts in the country for industrial, commercial, domestic, and automobile customers.

The company reported a net profit of Rs 26.91 crore and total income of Rs 230.04 crore for the three months ended on 30 June 2023.

Previous News
  IRM Energy Ltd leads gainers in 'B' group
 ( Hot Pursuit - 19-Apr-24   12:15 )
  IRM Energy to declare Quarterly Result
 ( Corporate News - 02-Feb-24   16:36 )
  IRM Energy to announce Quarterly Result
 ( Corporate News - 06-Nov-23   16:26 )
  IRM Energy slips on debut
 ( Hot Pursuit - 26-Oct-23   10:22 )
  IRM Energy
 ( IPO Centre - New Issue Monitor 12-Oct-23   17:05 )
  IRM Energy consolidated net profit rises 19.74% in the December 2023 quarter
 ( Results - Announcements 10-Feb-24   07:39 )
  IRM Energy IPO subscribed 4.36 times
 ( IPO Centre - IPO News 19-Oct-23   17:12 )
  IRM Energy IPO subscribed 27.05 times
 ( IPO Centre - IPO News 20-Oct-23   17:38 )
  IRM Energy schedules board meeting
 ( Corporate News - 16-May-24   10:31 )
  IRM Energy IPO subscribed 1.71 times
 ( IPO Centre - IPO News 18-Oct-23   17:05 )
  IRM Energy consolidated net profit rises 39.14% in the September 2023 quarter
 ( Results - Announcements 10-Nov-23   14:39 )
Other Stories
  3M India spurts as PAT climbs 27% YoY to Rs 173 cr in Q4
  28-May-24   17:17
  Ingersoll-Rand slides after Q4 PAT drops 5% to Rs 64 cr
  28-May-24   16:35
  TTK Prestige Q4 PAT drops to Rs 57 cr; declares dividend of Rs 6/ share
  28-May-24   16:09
  Shalby Q4 PAT climbs 15% YoY to Rs 16 cr
  28-May-24   15:42
  Dreamfolks Services slips as PAT slides 29% YoY in Q4 FY24
  28-May-24   15:21
  TVS Supply Chain records turnaround Q4 numbers
  28-May-24   15:04
  Inox Wind Ltd leads losers in 'A' group
  28-May-24   15:00
  Sundaram Brake Linings Ltd leads losers in 'B' group
  28-May-24   14:45
  Volumes spurt at Concord Biotech Ltd counter
  28-May-24   14:30
  Real Estate stocks slide
  28-May-24   14:00
Back Top