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IPO

Shriram Properties raises Rs.268-Cr from anchor investors

Economic Times  

Shriram Properties has raised a little over INR 268 crore from anchor investors ahead of its IPO. It will allocate 2,27,66,949 equity shares to anchor investors at INR 118 apiece. BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors. The firm reduced its offer for sale (OFS) size to INR 350 crore from INR 550 crore earlier. Now, the IPO size will be INR 600 crore against INR 800 crore earlier. This public issue comprises fresh issuance of equity shares worth INR 250 crore and an OFS of INR 350 crore. The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes. As a part of the OFS, Omega TC Sabre Holdings Pte Ltd will offload shares worth up to INR 90.95 crore, Tata Capital Financial Services INR 8.34 crore, and TPG Asia SF V Pte Ltd and Wsi/Wsqi V (XXXII) Mauritius Investors Ltd, INR 92.20 crore and INR 133.5 crore, respectively.