IPO effect! Pennar Inds surges 6%

The company's arm has filed for an IPO.

Mar 30, 2015 05:03 IST India Infoline News Service

Pennar Industries zoomed over 8 per cent to touch a high of Rs 54.40 this morning on reports that the company's subsidiary has filed for an IPO.

According to a release issued by the company to the BSE after-market hours on Friday, the company’s subsidiary Pennar Engineered Buildings Systems has filed a Draft Red Herring Prospectus with Securities Exchange Board of India (SEBI).

The stock is now up 6.3 per cent at Rs. 53.40. The counter has seen trades of around 102,000 shares as against the two-week daily average volume of around 136,000 shares on the BSE.

Meanwhile, the Sensex has gained 330 points to 27,789.

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