New York-headquartered global investment firm Avenue Capital Group and State Bank of India-promoted Asset Reconstruction Company India (Arcil) have mobilised Rs 219.89 crore by finalising the allocation of 1.58 crore equity shares to 21 institutional investors through the anchor book on September 8.
The company is set to open its Rs 733-crore initial public offering (IPO) for public subscription on September 9, with a price band of Rs 132-139 per share. The issue, which comprises entirely an offer-for-sale (OFS) by promoters and investors, will close on September 11.
Global investors including Goldman Sachs, Ashoka WhiteOak ICAV, Societe Generale, BofA Securities Europe and Integrated Core Strategies participated in the company's anchor book.
Of the total anchor allocation, Arcil allocated 81.29 lakh equity shares to 12 schemes of six domestic mutual fund houses — White Oak Capital, Aditya Birla Sun Life AMC, Bandhan Mutual Fund, Tata Mutual Fund, JM Financial Mutual Fund and Groww Mutual Fund.
As the IPO is entirely an offer-for-sale, the company will not receive any proceeds from the public issue. The IPO proceeds, excluding issue expenses, will be received by Avenue India Resurgence, State Bank of India, Lathe Investment, which is owned by Singapore's sovereign wealth fund GIC, and Federal Bank.