The stock plunged nearly 16 percent in previous four sessions as the company had set floor price its offer for sale (OFS) at Rs 435 a share (a discount of over 18 percent to Wednesday's closing price)
The OFS, which was opened for a day yesterday, was subscribed over 2 times. The issue recevied bids at an indicative price of Rs 476.62 a share as against a floor price of Rs 435.
The company, which manufactures standard toolkit for machining turbine blades, raised nearly Rs 138 crore through the issue and the promoter Kennametal Inc, which holds 37.16 percent stake, had planned to sell 13.16 percent stake in the company through OFS.
At 11:45 hours IST, shares gained 1.6 percent to Rs 492.85 amid large volumes on Bombay Stock Exchange.
Also Read - Enter Kennametal India; target Rs 600: SP Tulsian
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