Technologies India on Friday said it has collected Rs 189 crore from anchor investors days ahead of its Initial Public Offering (IPO). The company has allocated 37.8 lakh equity shares to 25 funds at Rs 500 per share, which is also the upper end of the IPO, according to a circular uploaded on BSE website. Nomura Funds, Goldman Sachs Funds, ICICI Prudential Mutual Fund (MF), HDFC MF, WhiteOak MF and Nippon MF, among others participated in the anchor round.
Out of the total allocation 37.8 lakh equity shares to the anchor investors, 22.27 lakh equity shares were allocated to 9 domestic mutual funds through a total of 19 schemes. The IPO comprises a fresh issue of equity shares worth Rs 206 crore and an Offer For Sale (OFS) of 85 lakh equity shares by promoters. Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha, and Ashoka Bajaj Automobiles LLP.
The issue, with a price band of Rs 475-500 per share, will open for public subscription during July 17-19. The company will fetch Rs 610 crore and Rs 631 crore at the lower and upper end of the price band. respectively.
Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, and Rs 22.5 crore for debt payment, besides, general corporate purposes. Delhi NCR-based Netweb Technologies is a leading high-end computing solutions (HCS) providers. It is one of the few original equipment manufacturers (OEMs) in the country and is a recipient of the central government's production-linked incentives scheme.
Read more on economictimes.indiatimes.com