 "Equitas Holdings raises Rs 653 crore from anchor investors")
Equitas Holdings has allotted 59.3 million shares at Rs 110 each, amounting to Rs 653 crore, to 16 anchor investors.
Among the latter are Franklin Templeton MF, Birla Sun Life Trustee Co, SBI MF, PI Opportunities Fund, UTI MF, ICICI Prudential MF, Kotak Mahindra MF, HDFC Standard Life Insurance, Birla Sun Life Insurance, Sundaram MF, Tata AIA Life Insurance, Reliance Life Insurance and Ambit Alpha Fund.
Equitas' initial public offering of equity will hit the primary market on Tuesday. The Chennai-based micro finance company is looking to mobilise Rs 2,200 crore, having set the price band at Rs 109-110 s share. This issue will close on Thursday and will comprise shares aggregating to Rs 720 crore and an offer for sale of up to 132,425,884 equity shares (amounting to Rs 1,456 crore at the upper end of the price band) by private equity funds and shareholders, including managing director P N Vasudevan.
The company will use the money to develop information technology infrastructure for a bank it plans to set up, and also for lending purposes.
It had got Reserve Bank approval last September to set up a Small Finance Bank.
