Beacon Trusteeship Makes Strong Debut On NSE SME Exchange

New Delhi, Jun 4 (KNN) Beacon Trusteeship Limited, a provider of trustee services across various domains, witnessed a robust stock market debut today on the NSE SME platform.

The company's shares commenced trading at Rs 90 apiece, marking a substantial 50 per cent premium over the issue price of Rs 60.

Following the bullish opening, Beacon Trusteeship's stock hit the 5 per cent upper circuit breaker during the session.

The initial public offering (IPO) of Beacon Trusteeship was open for subscription between May 28 and May 30, 2023.

The issue was priced in a band of Rs 60 per equity share, with a face value of Rs 10 each.

The minimum application size for the IPO was set at 2,000 shares, with further applications accepted in multiples thereof.

The offering attracted significant investor interest, with the issue being oversubscribed by a staggering 465.20 times on the final day of bidding.

Established in 2015, Beacon Trusteeship operates as a debenture trustee, offering an array of services spanning escrow, bond trusteeship, safekeeping, debenture custody, and security trusteeship, among others.

Additionally, the company serves as a trustee for employee stock ownership plans (ESOPs), alternative investment funds (AIFs), and securitisation transactions.

Notably, Beacon Trusteeship assumes the role of both an escrow agent and a monitoring agent upon client appointment.

In this capacity, the company ensures that outgoing remittances from the escrow account are credited exclusively to the designated Special Purpose Collection Account or any other account specified within the contractual agreement.

The firm provides comprehensive escrow-related services, including timely monitoring, documentation, escrow system setup, and the drafting and review of escrow agreements.

(KNN Bureau)