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Venus Pipes & Tubes raises Rs 49.62 Cr from anchor investors

Economic Times  

Gujarat-based Venus Pipes & Tubes has raised INR 49.62 crore from anchor investors ahead of its initial share sale. The company informed the bourses that it has allocated 15,22,186 shares at Rs 326 per share to anchor investors. Nippon India Small Cap Fund, Kotak Mahindra Life Insurance Company Ltd & India SME Investments - Fund I are among the investors that participated in the anchor book. The proceeds from its entirely fresh issuance will be used as follows: Rs 108 crore towards funding the capital expenditure towards setting up of a proposed manufacturing unit; Rs 25 crore for funding working capital requirements of the company besides general corporate purposes. The price band for the Offer has been determined at Rs 310 – Rs 326 per equity share. The IPO will fetch Rs 165.42 crore at the upper end of the price band.