The counter saw huge volumes of 3.21 crore shares on BSE.

Kaushalya Infrastructure Development Corporation (KIDCO) debuted at Rs 67.90 on BSE, a premium of 13.17% premium over issue price of Rs 60 per share. The stock hit a high of Rs 84.20 and low of Rs 63.60.

The company had fixed the issue price for its 85 lakh shares at the top end of the Rs 50-60 IPO price band. The initial public offer was subscribed a little over seven times.

The company would use the proceeds from the issue to fund land acquisition, land development rights and real estate development, investment in Build Operate and Transfer projects for joint ventures, and purchase of capital and infrastructure equipment for the execution of projects

KIDCO is a Kolkata-based small construction company. The company specialises in the construction and maintenance of roads and highways and bridges, erection of transmission lines, electrification projects as well as commercial and residential complexes. It also operates a hotel in Jhargram, West Bengal.

The company reported a net profit of Rs 1.09 crore on net sales of Rs 15.97 crore in the Q1 ended June 2007. |