Shares of Indiabulls Power were listed at Rs 44.95 on the Bombay Stock Exchange today, a loss of 0.11 per cent over its issue price.
The scrip opened at Rs 44.95 and tanked further to a low of Rs 35.
Indiabulls Power, which raised Rs 1,700 crore through the initial public offer of 39.08 crore shares, had fixed the issue price at the upper end of the price band at Rs 45.
The company listed 199.88 crore shares on the bourses.
On the National Stock Exchange, the scrip was listed with a premium of 0.11 per cent at Rs 45.05. Later it fell 21 per cent to a low of Rs 35.35. On the volume front, over 5.88 crore shares changed hands on both the bourses.
The IPO of Indiabulls Power, which attracted five anchor investors, had been subscribed 22 times the share on offer.
Post the issue, the holding of the promoter group has come down to 59.18 per cent from 71.43 per cent earlier.
The company would utilise the issue proceeds to part-finance the construction and development of the 1,320-MW Amravati Power Project Phase-I and the 1,335-MW Nashik Power Project, apart from general corporate purposes.