 "Angel Broking raises Rs 180 cr from anchor investors ahead of Rs 600 cr IPO")
Angel Broking on Monday raised nearly Rs 180 crore from anchor investors ahead of its initial public offer starting on Tuesday.
It allocated more than 58.8 lakh shares to the anchor investors at a price of Rs 306 apiece, according to a regulatory filing.
The price band for the Rs 600-crore initial public offer (IPO) is Rs 305-306 per share.
Angel Broking has mopped up Rs 179.99 crore from 26 anchor investors, as per the filing.
The offer will open for public subscription from September 22 to 24. It comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders.
International Finance Corporation will sell shares to the tune of Rs 120 crore in the offer for sale.
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Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers to the issue.