Aastha Spintex Shares Decline Over 4% in Market Debut Trade

New Delhi, July 6: Shares of textile manufacturer Aastha Spintex Ltd on Monday listed with a discount of over 4 per cent against the issue price of Rs 136.

The stock started trading at Rs 130, down 4.41 per cent from the issue price, on both the BSE and NSE. The company’s market valuation stood at Rs 598.13 crore. The initial public offer of Aastha Spintex Ltd got subscribed 4.64 times on the final day of bidding on Wednesday last week.

The Rs 170-crore IPO had a price band of Rs 125-136 per equity share.

Proceeds from the IPO will be used towards part payment for the acquisition of Falcon Yarns Pvt Ltd, funding the working capital requirements of the acquired company through inter-corporate deposits and for general corporate purposes.

Aastha Spintex manufactures and trades carded, combed and compact combed cotton yarns, cotton bales and related by-products from its integrated spinning and ginning facility at Halvad in Gujarat’s Morbi district.