Kalpataru raises Rs 708 crore from 9 anchor investors; Singapore's GIC, Bain Capital lead
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Realty developer Kalpataru has raised over Rs 708 crore from nine anchor investors including GIC Singapore, Bain Capital's GSS Opportunities Investment, SBI Mutual Fund , ICICI Prudential Mutual Fund, SBI General Insurance , Aditya Birla Sun Life, and 360 ONE WAM A total of over 1.71 crore shares have been allotted to these nine anchor investors at Rs 414 per equity share, the upper hand of the price band, the company said in a regulatory filing.Singapore sovereign fund GIC and Bain Capital have subscribed to a bulk of the anchor investor portion. Other anchor investors include Taurus Mutual Fund and private investment firm Ayushmat Ltd.The public issue to raise a total Rs 1,590 crore will open Tuesday and close on Thursday. The IPO's price band is fixed at Rs 387 to Rs 414 per equity share of face value of Rs 10 each. The promoters have recently infused Rs 1,440 crore into the company at Rs 517.25 per share.The company proposes to utilize the net proceeds from the Issue towards repayment/pre-payment, in full or part, of certain borrowings availed by the company and the subsidiaries; and general corporate purposes.A substantial portion of Rs 1,192.5 crore is earmarked for debt repayment, which is expected to strengthen the balance sheet and support future growth.ICICI Securities, JM Financial and Nomura Financial Advisory and Securities (India) are the book running lead managers to the Issue.
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