The scrip was currently trading 0.36% higher at Rs 153.05. It traded in the range of Rs 152.50 and Rs 155.90 so far during the day.

Express Infra Projects LLP had issued bonds aggregating up to Rs 200 crore, of which Rs 191.50 crore was outstanding as on 31 October 2019.

For securing these bonds, promoters had pledged equity shares aggregating 35% of the equity share capital of company on a fully diluted basis, with IDBI Trusteeship Services, acting as a trustee on behalf of the bondholders.

Further, Parag Jayant Chheda and Vipul Jayant Chheda had also provided a non-disposal undertaking with respect to an additional 16% of the equity share capital of the company, on a fully diluted basis.

Shares of Prince Pipes and Fittings debuted on Monday (30 December) at Rs 160, a discount of 10.11% to IPO price of Rs 178. The issue opened for bidding on 18 December 2019 and it closed on 20 December 2019. The price band was fixed at Rs 177 to Rs 178 per share. The IPO was subscribed 2.21 times.

The IPO comprised a fresh issue worth Rs 250 crore and an OFS (offer for sale) of an equal amount. The proceeds from the OFS were received by the promoter selling shareholders, which they intended to use towards repayment of the outstanding bonds issued by Express Infra Projects LLP.

The company reported net profit of Rs 26.67 crore and total income of Rs 379.77 crore in the quarter ended June 2019.

Prince Pipes and Fittings is recognized as one of the leading polymer pipes and fittings manufacturers in India in terms of number of distributors. The company markets its products under two brand names: Prince Piping Systems and Trubore. The company has more than 30 years experience in the polymer pipes segment.