Godavari Refineries Surges 3% After Madhuri Madhusudan Kela Buys Stake

Shares of Godavari Biorefineries gained 3% on the bourses after Madhusudan Kela's wife picked up a stake in the company. 

What Happened: Madhuri Madhusudan Kela bought 5 lakh shares at an average price of ₹335.66. The ace investor's wife bought a 1.19% stake worth ₹16.78 crore in the company. 

Capri Global Capital sold 3.74 lakh shares at an average price of ₹327.98, selling a 0.89% stake in the company, worth ₹12.27 crore. 

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Godavari Biorefineries was listed on October 30 after its IPO. The stock debuted at ₹308, a 12.5% discount compared to its issue price of ₹352. The IPO was worth ₹554.75 crore which comprised of a fresh issue of 92 lakh shares worth ₹325 crore and an offer for sale of 65 lakh shares which added up to ₹229.75 crore.

The IPO was opened for subscription between October 23 and October 25. The issue was subscribed 1.83 times. The qualified institutional investors lead the charge, subscribing 2.76 times. Non-institutional investors subscribed only 0.90 times while retail investors subscribed 1.71 times. 

Godavari Refineries is engaged in ethanol-based chemicals with a portfolio spanning bio-based chemicals, sugar, ethanol and power. The company’s products are used in various industries, including food, beverages, pharmaceuticals, cosmetics and power.

Price Action: Shares of Godavari Biorefineries rose 3.07% to ₹353.75  on Thursday morning. 

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