Ahead of IPO, Shriram Properties garners Rs 268 cr from anchor investors
The company has decided to allocate 2,27,66,949 equity shares to anchor investors at Rs 118 apiece, valuing the transaction size to Rs 268.64 crore, according to a BSE circular
Shriram Properties on Tuesday said it has raised a little over Rs 268 crore from anchor investors ahead of its initial share-sale, which opens for public subscription on Wednesday.
The company has decided to allocate 2,27,66,949 equity shares to anchor investors at Rs 118 apiece, valuing the transaction size to Rs 268.64 crore, according to a BSE circular.
See Zee Business Live TV Streaming Below:
BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors.
The firm reduced its offer for sale size to Rs 350 crore from Rs 550 crore earlier. Now, the IPO size will be Rs 600 crore against Rs 800 crore earlier.
This public issue comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore.
As a part of the OFS, Omega TC Sabre Holdings Pte Ltd will offload shares worth up to Rs 90.95 crore, Tata Capital Financial Services Ltd will sell shares to the tune of Rs 8.34 crore, while TPG Asia SF V Pte Ltd and Wsi/Wsqi V (XXXII) Mauritius Investors Ltd will divest shares worth up to Rs 92.20 crore and Rs 133.5 crore, respectively..
The issue includes a reservation of equity shares worth Rs 3 crore for the company's employees, who will receive those at a discount of Rs 11 per share on the final issue price.
The issue, with a price band of Rs 113-118, opens for public subscription on December 8 and will conclude on December 10.
The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes.
Investors can bid for a minimum of 125 equity shares and in multiples thereof.
The company has a major presence in south India. It has completed various real estate projects and many are under construction.
Despite the COVID-19 pandemic, the Indian real estate sector has witnessed two successful public issues of the Real Estate Investment Trust (REIT).
Mindspace Business Parks REIT, owned by K Raheja, was listed in August last year after raising Rs 4,500 crore, while global investment firm Brookfield's REIT public issue worth Rs 3,800 crore got listed in February this year.
India's largest realty firm Macrotech Developers, erstwhile Lodha Developers, raised Rs 2,500 crore through IPO in April.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
10:10 PM IST