Pranav Constructions raises ₹84 crore from anchor investors; IPO to open on Sep 7
The company allocated 67.94 lakh equity shares at ₹124 apiece to anchor investors, according to a circular uploaded on the BSE website
Real estate developer Pranav Constructions Ltd has successfully raised ₹84.24 crore from anchor investors in advance of its initial public offering (IPO). The company allocated 67.94 lakh equity shares at ₹124 per share to investors including Goldman Sachs Investments (Mauritius) Ltd, ITI Mutual Fund, Taurus Mutual Fund, Abudantia Capital VCC and Ashika India Select Fund.
The IPO, which will open for subscription on September 7 and close on September 9, has a price band of ₹118-124 per share. The issue comprises a fresh issue of ₹315.6 crore and an offer-for-sale (OFS) of 28.5 lakh equity shares worth ₹35.43 crore by investor shareholder BioUrja India Infra. Pranav Constructions is focused on the Municipal Corporation of Greater Mumbai redevelopment segment in Mumbai’s western suburbs.
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
