ENA MSME 2024-06-04 17:29:38 <p><span style="font-size:14px"><strong>New Delhi, Jun 4 (KNN)</strong> Beacon Trusteeship Limited, a provider of trustee services across various domains, witnessed a robust stock market debut today on the NSE SME platform.</span></p> <p><span style="font-size:14px">The company's shares commenced trading at Rs 90 apiece, marking a substantial 50 per cent premium over the issue price of Rs 60.</span></p> <p><span style="font-size:14px">Following the bullish opening, Beacon Trusteeship's stock hit the 5 per cent upper circuit breaker during the session.</span></p> <p><span style="font-size:14px">The initial public offering (IPO) of Beacon Trusteeship was open for subscription between May 28 and May 30, 2023.</span></p> <p><span style="font-size:14px">The issue was priced in a band of Rs 60 per equity share, with a face value of Rs 10 each.</span></p> <p><span style="font-size:14px">The minimum application size for the IPO was set at 2,000 shares, with further applications accepted in multiples thereof.</span></p> <p><span style="font-size:14px">The offering attracted significant investor interest, with the issue being oversubscribed by a staggering 465.20 times on the final day of bidding.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, the company serves as a trustee for employee stock ownership plans (ESOPs), alternative investment funds (AIFs), and securitisation transactions.</span></p> <p><span style="font-size:14px">Notably, Beacon Trusteeship assumes the role of both an escrow agent and a monitoring agent upon client appointment.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The firm provides comprehensive escrow-related services, including timely monitoring, documentation, escrow system setup, and the drafting and review of escrow agreements.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38070 https://knnindia.co.in/news/newsdetails/msme/beacon-trusteeship-makes-strong-debut-on-nse-sme-exchange 2024-06-04 17:29:38 knnindia.co.in