 "S Chand and Company")
Leading textbook publisher S Chand and Company on Tuesday raised nearly Rs 219 crore from anchor investors, a day ahead of its initial public offering.
The company has allotted little over 32 lakh shares at Rs 670 apiece to 15 anchor investors.
The total value is Rs 218.57 crore.
Shares have been allotted to 15 anchor investors, including HSBC Global Investment Funds - Indian Equity, HDFC Trustee Company Ltd - HDFC Prudence Fund, Nomura Singapore Ltd, BNP Paribas Arbitrage and SBI Life Insurance Company, according to a regulatory filing.
The price band for the offer is Rs 660-670 a share and the allotment of scrips to anchor investors has been done at the upper end of the price band.
The IPO comprises the fresh issue of equity shares up to Rs 325 crore. Besides, existing shareholders of the company, including Everstone Capital, would collectively sell 6,023,236 shares worth Rs 403.5 crore, taking the total IPO size to Rs 728.5 crore.
The initial share sale would open for public subscription on April 26 and close on April 28.
Proceeds from the issue would be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.
JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.
Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt Ltd.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.
