Receives bids for 4.17 crore shares
The initial public offer (IPO) of CreditAccess Grameen received bids for 4.17 crore shares. The IPO was subscribed 2.22 times. The issue opened for subscription on 8 August 2018 and closed on 10 August 2018. The price band for the issue was fixed at Rs 418 to Rs 422 per share.
The qualified institutional buyers (QIBs) category was subscribed 5.52 times. The non institutional investors (NIIs) category and the retail individual investors (RIIs) category remained undersubscribed. The NIIs category was subscribed 98% while the RIIs category was subscribed 88%.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 7 August 2018, finalized allocation of 80.41 lakh equity shares to anchor investors at Rs 422 per share.
The net proceeds will be utilized to augment the capital base of the company to meet future capital requirements which are expected to arise out of growth in company's assets, primarily company's loans and advances and other investments.
The company reported profit after tax of Rs 124.64 crore on total income of Rs 875.21 crore in the year ended 31 March 2018.
CreditAccess Grameen is a Bengaluru-based leading micro-finance institution, focused on providing micro-loans to women customers predominantly in rural areas in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
