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IRM Energy raises Rs.160-Cr from 12 anchor investors

Business Standard  

Ahmedabad-headquartered city gas distribution company IRM Energy Ltd has raised over INR 160 crore from anchor investors ahead of its initial share sale. The company has allotted 31.75 lakh equity shares to 12 funds at INR 505 apiece. Quant Mutual Fund, SBI General Insurance Company, HDFC Life Insurance Company, DSP MF, ITI MF, BOI MF, Nippon AIF, and PNB Metlife were among the anchor investors. The IPO is a fresh issue of up to 1.08 crore equity shares. At present, the promoters own 67.94 % stake in the company, with the majority being held by Cadila Pharmaceuticals (49.50 %), and the rest being held by IRM Trust through its managing trustee Rajiv Indravadan Modi. IRM Energy has operations in Gujarat, Punjab and Tamil Nadu and serves 184 industrial customers, 269 commercial customers, and 52,454 domestic customers as of June 2023.