Shares of Indiabulls securities Ltd. fell to 99.05 rupees after opening at 300 rupees.
The Bombay Stock Exchange on Dec. 31 had suggested to its members a reference price of 596.65 rupees for Indiabulls Financial Services
380 rupees for the Indiabulls securities Ltd. following the spinoff.
Indiabulls Financial Services, which sold shares at 19 rupees apiece in 2004 IPO.
Indiabulls Financial shares gained 9.7 percent to 452.45 rupees, valuing the two companies at 140 billion rupees ($3.5 billion), compared with 248 billion rupees as of Dec. 31 for the company before spinning off the securities company, according to Bloomberg calculations.
``Securities firms have fallen in line with the peer group's fall to a more reasonable level,'' said U.P. Bhat, who helps manage 25 billion rupees at Canara Robeco Asset Management Co. in Mumbai. ``Some of these shares were trading higher than even the better capitalized bank stocks.''
Pursuant to the same, the daily circuit filter in the equity shares of the company is being kept open on April 02, 2008, in order to enable the members to deal in the scrip at a realistic price level.
Trading members are cautioned not to enter orders at unrealistic prices.
The Reserve Bank of India said on Wednesday non-resident Indians can now buy shares of Indiabulls Securities Ltd of upto 24 percent of its paid-up capital.
It also said FII can buy shares of upto 100 percent of the company as the board and shareholders have approved the resolution for such purchases.
The revised limits are within the overall foreign direct investment limit applicable to the company, the central bank said in a statement.
UPDATED: Listing news
The Bombay Stock Exchange on Dec. 31 had suggested to its members a reference price of 596.65 rupees for Indiabulls Financial Services
380 rupees for the Indiabulls securities Ltd. following the spinoff.
Indiabulls Financial Services, which sold shares at 19 rupees apiece in 2004 IPO.
Indiabulls Financial shares gained 9.7 percent to 452.45 rupees, valuing the two companies at 140 billion rupees ($3.5 billion), compared with 248 billion rupees as of Dec. 31 for the company before spinning off the securities company, according to Bloomberg calculations.
``Securities firms have fallen in line with the peer group's fall to a more reasonable level,'' said U.P. Bhat, who helps manage 25 billion rupees at Canara Robeco Asset Management Co. in Mumbai. ``Some of these shares were trading higher than even the better capitalized bank stocks.''
Indiabulls Securities Ltd. (Scrip Code No. 532960)
Attention of the trading members is invited to Exchange Notice No. 20080331-30 dated March 31, 2008, about trading in the equity shares of above mentioned company on w.e.f. April 02, 2008.Pursuant to the same, the daily circuit filter in the equity shares of the company is being kept open on April 02, 2008, in order to enable the members to deal in the scrip at a realistic price level.
Trading members are cautioned not to enter orders at unrealistic prices.
The Reserve Bank of India said on Wednesday non-resident Indians can now buy shares of Indiabulls Securities Ltd of upto 24 percent of its paid-up capital.
It also said FII can buy shares of upto 100 percent of the company as the board and shareholders have approved the resolution for such purchases.
The revised limits are within the overall foreign direct investment limit applicable to the company, the central bank said in a statement.
UPDATED: Listing news
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