Precision allots shares worth Rs 123 cr to anchor investors

Precision Camshafts, which will launch its IPO on Wednesday to raise Rs 240 crore, has allotted shares worth Rs 123 crore to six anchor investors, including funds operated by SBI, HDFC and ICICI Bank.
The company allotted a total of 66.16 lakh equity shares to the anchor investors, at a price of Rs 186 each (including a share premium of Rs 176 per share), aggregating to Rs 123 crore.
The anchor investors are -- SBI Mutual Fund, IDFC Mutual Fund, ICICI Prudential Mutual Fund, HDFC Trustee Company Ltd, Birla Sunlife Trustee company and Canara Robeco Mutual Fund, the company said in a statement.

Precision Camshafts' initial public offering, which will begin on January 27 and close on January 29 involves a fresh issue aggregating up to Rs 240 crore and an offer for sale of up to 91,50,000 equity shares of Rs 10 each.
Maharashtra-based Precision Camshafts makes over 150 varieties of camshafts for small and mid-sized passenger vehicle engines world over.
The company also proposes to set up two new machine shops at Solapur for ductile iron camshafts and assembled camshafts respectively, by fiscal 2017 and fiscal 2018.
SBI Capital Markets, HDFC Bank and India Infoline are the book running lead managers to the issue.