Parag Milk raises Rs 343 cr from anchor investors

Dairy products company Parag Milk Foods on Tuesday raised Rs 343 crore from anchor investors. The company allotted 15.1 million shares at Rs 227 per share to investors including Abu Dhabi Investment Authority, Nomura India Investment Fund and Tata Mutual Fund. Parag Milk's IPO will remain open between Wednesday and Friday.

The IPO price band is Rs 220 to Rs 227 per share. Parag Milk is offering a discount of Rs 12 (around 5.3 per cent at the top end of the price band) to retail investors-those investing up to Rs 2 lakh. Parag is looking to raise Rs 300 crore by issue of fresh equity in the IPO. The IPO will also comprise of secondary share sale by existing investors to the tune of Rs 467 crore.