Ahead of IPO, RR Kabel collects over Rs 585 cr from anchor investors
RR Kabel Ltd on Tuesday said it has mobilised Rs 585.62 crore from anchor investors ahead of its initial share sale. The company has allocated 56,58,201 equity shares to 54 entities at an average price of Rs 1,035 apiece, according to a circular uploaded on the BSE website.
HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global are among the anchor investors.
RR Kabel's Rs 1,964 crore Initial Public Offering (IPO) which comprises a fresh issue of shares worth up to Rs 180 crore and an offer for sale (OFS) of over 1.72 crore shares by promoters and other external shareholders opens for public subscription on Wednesday.
Through the OFS, the promoters/promoter entities will sell 3-4 per cent of their holdings but will still continue to hold 64 per cent in the company.
Those selling shares in the OFS include Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, Sumeet Mahendrakumar Kabra, Kabel Buildcon Solutions and Ram Ratna Wires.
Among shareholders, TPG will pare its shareholding to around 5 per cent through the share sale. In the pre-IPO process last month, TPG had sold 5 per cent of its 21 per cent holding, which it had picked up in September 2018 for Rs 3,000 crore.
RR Kabel has fixed the price band at Rs 983-1,035 for the initial public offering.
