Shankara Building raises Rs 104 cr from anchor investors

Ahead of its initial public offer, Shankara Building Products today mopped up Rs 103.5 crore from anchor investors.
The company's initial share sale would commence tomorrow and close on March 24.
As many as 22.50 lakh shares have been issued to anchor investors at a price of Rs 460 apiece to 16 anchor investors. These shares are together worth Rs 103.5 crore, as per a regulatory filing.
Anchor investors include Frankling India Smaller Companies Fund, DSP BlackRock Core Fund, ICICI Prudential Life Insurance Company and Reliance Nippon Life Insurance Company Ltd.
The IPO comprises fresh issue of up to shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares.

The price band for the IPO is Rs 440-460 per share. It would constitute at least 25 per cent of the post offer paid- up equity share capital of the company.
Book Running Lead Managers to the offer are IDFC Bank Ltd, Equirus Capital Pvt Ltd and HDFC Bank Ltd.