Carraro India collects Rs 375 cr from anchor investors ahead of IPO
Carraro India Ltd, the manufacturer of transmission systems for off-highway vehicles and other agricultural and construction equipment, on Thursday said it has garnered Rs 375 crore from anchor investors, ahead of its IPO opening for subscription. Aditya Birla Sun Life Mutual Fund (MF), HSBC MF, UTI MF, Sundaram MF, Motilal Oswal MF, Kotak Mahindra Life Insurance Company, Bajaj Allianz Life Insurance Company, Tata AIA Life Insurance Company and SBI General Insurance Company are among anchor investors, according to a circular uploaded on BSE's website.
According to the circular, Carraro India has allotted 53.27 lakh equity shares to 33 funds at Rs 704 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 375 crore.
The issue, with a price band of Rs 668-704 per share for its initial share sale, will open for public subscription December 20 and conclude on December 24.
Carraro India's IPO is completely an offer for sale (OFS) of shares worth Rs 1,250 crore by Carraro International SE, with no fresh issue component, according to the red herring prospectus.
Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than the company.
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